- NFO highlights simple financial steps to safeguard consumers during Money Smart Week 2025.
- Practical guidance on fraud prevention, insurance payments, and credit monitoring takes centre stage.
- Consumer education and protection of vulnerable groups remain key pillars of the Ombud’s mission.
In marking Money Smart Week 2025, the National Financial Ombud Scheme (NFO) has issued straightforward guidance to help South Africans guard against financial harm and improve their money management.
Consumers are advised to always check that funeral policy salespeople are licensed, report lost or stolen cards immediately, keep life insurance premiums up to date, monitor bank statements for fraud, never share PINs or passwords, and review credit agreements regularly for discrepancies.
Educating and protecting vulnerable groups
Head Ombud and CEO of the NFO, Reana Steyn, said these steps are not only preventative but also central to building a resilient financial culture. “The dispute resolution process does not stand alone; we use every opportunity to educate consumers about their rights and responsibilities. From ensuring people are not overcharged to preventing the mis-selling of products, the aim is to empower individuals to make sound decisions about money.”
Steyn added that consumer education is especially critical for vulnerable groups, such as the elderly and people living with disabilities, who face higher risks of financial exploitation or distress. “We have a strong policy of extra duty of care towards vulnerable complainants, ensuring they receive the empathy, support, and dignity they deserve when dealing with financial service providers.”
Building a fairer marketplace
Priya Rajah, Head of Communications and Public Relations at the NFO, noted that the organisation’s Vulnerable Consumers Policy ensures personalised assistance based on circumstances such as age, financial hardship, or sudden life events. “By combining insights from complaint trends with workshops, digital education, and collaborations with regulators and consumer advocates, we are able to strengthen financial literacy and resilience across the country.”
Money Smart Week, running from 25 to 31 August under the theme “Smart Money: Financial Foundations for a Resilient Future”, provides the backdrop for the NFO’s continued mission to level the financial playing field. By nurturing informed consumers and issuing clear guidance, the NFO not only resolves disputes fairly and independently, but also helps build a society where financial institutions are compelled to act ethically and consumers can protect their financial futures.
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