The Financial Sector Conduct Authority (FSCA), which regulates the way banks behave, has released a draft of the conduct standards with which the banks will eventually have to comply.
Established South African banks that dominate the market have not crowned themselves in glory when it comes to how they treat their customers. But this is about to change, thanks to new standards that will regulate their conduct into the future.
In an article on the regulator’s website, Makhubalo says the regulator’s emphasis will be on pre-empting things the banks do that lead to bad outcomes for you. A financial adviser last week told Sowetan Money he received notification from his bank stating that he may qualify for an increased limit on his revolving credit facility. “Given everything that’s happening in the economy I thought it prudent to increase my limit, even though I haven’t used up the existing limit.”A bank offered an adviser, a client of 15 years, a term loan at prime plus 12% - a rate he says 'that would make a loan shark blush'.
Many consumers of credit don’t know how to use credit in a savvy way, so as to make sure that they use the right credit for the right purpose and at the right price.
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