The bank subscribes to, and abides
by, the regulations of the Financial Intelligence
Centre Act (FICA) and the Financial Advisory
and
Intermediary Services Act (FAIS), when obtaining
customer information and providing customers
with
“fit and proper” financial advice. Further
details on FICA and FAIS can be found in the
risk management
section of the annual report.
Standard Bank is a member of the Banking Council.
We are committed to upholding the standards of
fairness contained in the council’s Code of Banking
Practice. This code outlines the ethical behaviour
banks should demonstrate when dealing with customers.
The code provides valuable safeguards for customers
and has been designed to help them understand
how banks and their employees are expected to
treat them.
In particular, we ensure that product information
is clearly explained to our customers. In short,
we are obliged to ensure that customers can make
informed decisions about products being sold to
them.
We maintain and promote a formal complaints
resolution policy and procedure in those areas
where our employees interface with customers.
Through this policy and procedures, we ensure
that complaints are dealt with timeously and professionally.
During the year, we recorded no material instances
of non-compliance regarding product information.
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