National Financial Ombudsman to make dispute resolutions 'super easier' for consumers

Gugs Mhlungu spoke to Certified Financial Planner, Paul Roelofse.

Listen to their conversation in the audio clip below.

The financial industry has mechanisms in place for consumers to resolve a dispute should something go wrong with a particular service provider, your bank etc.

In the past, consumers would have to go to a specific ombudsman to report their dispute, but now a newly formed body is hoping to make things easier.

"We come from a place where everything was kinda complicated; the consumer didn't know how and where to lay his complaint."

- Paul Roelofse, Certified Financial Planner

The National Financial Ombud Scheme (NFO) announced  in March "the beginning of operations as a single, one-stop, all-in-one dispute resolution service made up of the four former existing services – the Ombudsman for Banking Services (OBS); the Credit Ombud (CO); the Ombudsman for Long-Term Insurance (OLTI); and the Ombudsman for Short-Term Insurance (OSTI)."

"This new scheme has kind of simplified things, it's made dispute resolutions a lot more easier for the man in the street because it's like your one-stop shop."

- Paul Roelofse, Certified Financial Planner

"It has this 21-day turnaround, in that the service provider or financial institution that is in dispute would have to respond." 

- Paul Roelofse, Certified Financial Planner

The NFO has been open since 1 March for complaints.

This service is available at no cost to consumers.

Roelofse believes the scheme is a breakthrough in the financial industry and he is confident it will speed up and make dispute resolution a lot more efficient.

Click here to find out more about the National Financial Ombud Scheme (NFO).

For more financial advice, you can visit Roelofse's website here.

Scroll up to listen to the full interview.