We are 5 days into the nationwide lockdown and we, as South Africans, are standing together. Our president gave a reassuring speech last night to allay fears of the country despite the economic impact as there are measures being put in place to mitigate these risks.
In order to further highlight the expectations on regulated entities during the lockdown, the Financial Sector Conduct Authority (FSCA) issued Communication 12 of 2020 (General) on how to guide vulnerable customers during this time…. The news of Moody’s decision to downgrade the SA status to ‘junk’ hasn’t helped matters.
Aside from specific expectations being placed on regulated entities to ensure fair customer outcomes, the FSCA highlighted the necessity to ensure that Complaints Management processes and turn-around-times on resolving complaints through any channels must not be compromised.
Emphasis was placed on senior management to review business continuity plans and ensure the effectiveness thereof. Further, the frequency of reporting on complaints and the root cause analysis thereof needed to increase to address concerns and upcoming risks.
Please contact us to assess the impact and readiness of your business and potential remedies you need to put in place.
Director: Fathima Khan-Ahmod
Ahmod Consulting (Pty) Ltd
Ahmod Consulting 