Nedbank taken to task

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Category: South Africa / Insurance / Resources / October 2005

Nedbank taken to task

The Competition Commission will possibly investigate Nedbank and its insurer because clients cannot choose their own insurer when they qualify for a home loan, the Ombudsman for Financial Services said recently.

Charles Pillay, the Ombudsman, referred his ruling to the Commission for further inquiry. He also gave instructions that the bank and its insurance department must cancel the house cover that was granted to the complainant, Helena Dennis of Cape Town. All premiums must also be reimbursed.

Group insurance brokers were instructed to accept Dennis’s current Santam insurance policy as sufficient cover for her house. According to Pillay, Nedbank transgressed provisions of the Financial Advisory and Intermediary Services (FAIS) Act.

Source: Santam e-focus October 2005

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