Absa and banking ombudsman under fire
Lawyer takes them on over claims they bully and blame victims of internet fraud
An attorney acting pro bono for 29 Absa clients who are victims of online banking fraud has taken his fight to the Financial Sector Conduct Authority after reaching a deadlock with the ombudsman for banking services over the handling of his cases by the bank and the ombudsman. The FSCA (formerly the Financial Services Board) is a statutory regulator and since April 1 has been responsible for regulating banks' market conduct. Until now, the only entity dealing with complaints about the market conduct of the banks was the ombudsman, which was established by the banking industry to regulate itself. Mark Heyink, who specialises in information security law, has asked the FSCA to investigate the conduct of Absa in its dealings with victims of online banking fraud and to investigate the ombudsman for its alleged failure to properly apply the law when dealing with these complainants. Internet banking fraud is on the rise and complaints relating to internet banking were the biggest category ...
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