With so many financial products and services available, it is important for consumers to know their rights and where to turn when they have a problem.
This was the focus of the “Regulators in action: Strengthening consumer protection together” panel at Leaderex 2026, moderated by Lelané Bezuidenhout, CFP®, CEO of FPi.
Joining her were Bonita Hughes from the National Financial Ombud of South Africa (NFO), Timmy van der Grijp from the National Credit Regulator (NCR), Lyndwill Clark from the Financial Sector Conduct Authority (FSCA) and Adv John Simpson from the Office of the Ombud for Financial Services Providers (FAIS Ombud).
The panel explained the role each organisation plays and importantly, where consumers should go when they have a complaint.
The NFO deals with complaints about financial services, including banking and other financial disputes. Its services are free to consumers. The panel advised consumers to first raise their complaint with the financial institution involved and if the matter is not resolved, approach the relevant ombud.
The FAIS Ombud deals with complaints involving financial advisers and financial services providers. Where an adviser has failed to provide the appropriate advice or has not followed the required standards, consumers can lodge a complaint for consideration.
The NCR focuses on the credit industry and regulates credit providers, debt counsellors and other businesses operating within the credit space. Consumers were encouraged to check that a debt counsellor or credit provider is properly registered before using their services.
The FSCA regulates financial institutions and promotes the fair treatment of financial customers. Through its consumer education work, it also helps people understand their rights and make informed financial decisions.
Scams were another major concern raised during the discussion, particularly those taking place online. Investment scams, phishing, pyramid schemes and fake financial opportunities can result in significant financial losses for consumers.
The panel’s advice was simple, stop, think and verify. Consumers should not feel pressured to make quick financial decisions, especially when an opportunity promises high returns with little or no risk. Do your research, check whether the person or company is properly registered and speak to the relevant regulator if you are unsure.
The public was also reminded that they do not have to navigate complaints on their own. The various regulators and ombud schemes are there to help them understand their rights and raise concerns when things go wrong.
If you have a financial complaint or concern, you can contact the relevant regulator or ombud:
- National Financial Ombud (NFO) – for complaints relating to participating financial institutions.
- National Credit Regulator (NCR) – for credit-related matters and information on registered credit providers and debt counsellors.
- Financial Sector Conduct Authority (FSCA) – for information on regulated financial services and authorised providers.
- FAIS Ombud – for complaints relating to financial advisers and financial services providers.
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