Nedbank settles after FAIS Ombud intervention

Outcome to my previous complaint and review. I had subsequently again contacted Nedbank in an attempt to resolve the matter directly with them. I requested the contact details of the Service Manager's senior, but was refused this by the call center agent. I was thus left with no alternative but to escalate my complaint to the Financial Sector Conduct Authority (FSCA). The FSCA investigate complaints relating to Financial Services Providers. The FSCA also forwarded my complaint to the FAIS Ombudsman, who attempts to resolve the recovery of monies for the complainant. Nedbank offered a settlement agreement, without admission of wrong doing, in which they offered to pay me the full amount in dispute. This review is not about who was in the right or wrong, but more important a lesson for FSPs to realise that the public entrust their money with them and they are responsible for, among other responsibilities, the accurate record keeping of such money. The important lessons for the consumer is that these mighty financial institutions are not always right, not to be intimidated by them, and to use your rights to challenge them through the channels provided, such as the FSCA and FAIS Ombudsman.