This was revealed in the NFO’s first Annual Report tracking complaints, financial issues and disputes from consumers about financial institutions. The entity is a merger of the Ombudsman for Banking Services, the Credit Ombud, and the Ombudsman for Long-Term and Short-Term Insurance.

Over 20 000 cases were closed in four divisions including in non-life and life insurance, banking and credit with most of the complaints registered in the motoring sector. Reana Steyn is the Chief Executive Officer at the NFO and says the amount was collected in a period less than one year.

“ That's how much the NFO put back into the pockets of consumers in 10 months. Those are the amounts that were paid back accounts rectified, policies, paid out, things corrected, repaired, built. I think just to also make it clear, the report is for the 10 months of last year, we did it for that period from March 1 to December 31,” Steyn said.

--SABC--