The National Financial Ombud Scheme (NFO) Banking Division recovered more than R60m for consumers in 2025, but warned that consumers who are dishonest when taking out loans or accessing credit cannot cry 'reckless lending' later.
The lead ombud for the National Financial Ombud Scheme's (NFO's) Banking Division, Nerosha Maseti, confirmed that the division recovered more than R60-million in 2025. While the majority of refunds were returned to consumers in fraud-related cases, the NFO's recommendations extended beyond monetary compensation.
The division's interventions have delivered "life-changing impact", including:
- The return of repossessed vehicles;
- The writing-off of debt, including confirmation of prescribed debt or overcharging of interest; and
- Measures to avoid the sale of property at auction.
Follow us on WhatsApp | LinkedIn for the latest headlines
"Our work is not only about resolving individual complaints; it's about driving improvements that benefit all consumers," said Maseti.
She noted that the division's recommendations had driven significant changes in banks' internal processes and procedures, strengthening consumer protection and improving industry standards.
Reckless credit
Collection-related complaints remain high as many consumers, who are often overindebted, continue to face financial challenges. While the National Credit Act (NCA) obliges credit providers to conduct an affordability assessment, it also holds consumers accountable to provide truthful and complete information.
"You cannot rely on the defence of reckless credit if you have not given truthful information," said Reana Steyn, head ombud and chief executive of the NFO.
In these cases, the division must treat both the banks and...
