The banking industry has, after years of delay, appointed an independent ombudsman to protect you.
The Council of South African Banks (Cosab) this week announced the appointment of prominent lawyer and businessman Charl Cilliers as the first incumbent.
His appointment is effective immediately. His office will be fully operational from November.
Cosab spokesman, David Allen, said the ombudsman has been guaranteed complete independence in terms of decisionmaking, he will have absolute security of tenure and he will have the freedom to publish.
Cilliers is expected to bring considerable knowledge and expertise to his new position. A distinguished lawyer, he has had significant experience as an ombudsman, most notably for Standard Bank Financial Services.
Cosab said its criteria for the ombudsman included someone of stature who was well-known in the community and had a strong and independent mind.
The position was held by Bob Tucker, the chairman of Cosab.