Corporate Governance
Code of Banking Practice
SureBank adhere to the Code of Banking Practice on a voluntary basis.
The Code of Banking Practice is not a statutory code and it sets out minimum standards that SureBank must adhere to in the relationship with our clients.
Although the Code of Banking Practice is based on self-regulation and exists as a voluntary code of conduct, there is other legislation, which has an impact on the relationship between SureBank and its clients, and therefore has an impact on the COBP.
Acts that have a bearing on the COBP include:
- Financial Advisory and Intermediary Services Act (FAIS) of 2002
- Financial Intelligence Centre Act (FICA) of 2001
Key Commitments of SureBank:
SureBank undertake to honor the following key commitments to clients:
- Act fairly and reasonably, with uncompromising integrity, in all their dealings with clients.
- Ensure that all products and services comply with the Code of Banking Practice.
- Provide information and assist clients to understand the products and services.
- Follow Internal Complaint Procedures and inform clients regarding the Ombudsman where applicable.
Fundamental principles of the COBP
The Code of Banking Practice sets out 23 basic principles in the relationship between SureBank and its client. The principles contained in the Code of Banking Practice make a bold and committed statement to clients that SureBank is serious about treating them fairly in their relationship.
The following principles apply:
- Act fairly and reasonably in all their dealings with the client
- Ensure that all the bank's services and products comply with the Code, even if these services and products have their own terms and conditions
- Ensure that the procedures the staff follow reflect the commitments set out in the Code of Banking Practice and that they are aware of the internal procedures for handling complaints
- Make information available to the client on the bank's services and products in plain language (this will be provided in English and, where appropriate, in any of the other official languages) and offer assistance on any aspect, that the client does not understand
- Ensure that all written terms and conditions are fair and clearly set out the client's rights and responsibilities in plain language
- Assist the client in choosing a service or product appropriate to his/her needs
- Assist the client to understand the basic financial implications of the bank's products and services
- Assist the client to understand how his/her bank account(s) work(s)
- Provide reliable banking and payment systems services and take reasonable care to make these services safe and secure
- Correct the bank's errors and compensate the client where appropriate
- Inform the client about the bank's complaints procedures and handle complaints speedily
- Inform the client on inquiry, and where appropriate to his/her circumstances, if the bank offers products and services in different ways (for example electronic banking). The bank will advise the client how to get more information in this regard
- Comply with all applicable legislation, codes, rules and supervisory requirements, specifically those relating to banking, and consumer protection. If the Code of Banking Practice imposes an obligation on the bank, which is not contained in a particular law, the bank will comply with the COBP, except where doing so could lead to a contravention of law
- Act with uncompromising integrity and fairness to promote complete trust and confidence in the bank, individually, and as an industry
- Ensure that the bank's products and services offered, are based and applied solely on commercial principles and do not discriminate against the client on any basis which is not permitted by law, taking into account the implications of commercial principles. The bank may, however, have certain special product or service offerings, which are specifically designed for members of a target market group
- The bank will recognise the banking needs of disabled clients and take reasonable measures to enhance their access to those services and facilities
- Advise the client what we expect of him/her in his/her relationship with the bank
- Provide a copy or a summary of the Code of Banking Practice, to an individual when he/she becomes a client or on request
- Clearly display and/or advertise the existence of this Code and the bank's adherence thereto, in the bank's outlets
- Ensure that the client does not sign documents that he/she has not fully completed where required. When the client requests the bank to complete documentation on his/her behalf, the bank will ensure that it is a true reflection of the information he/she provided
- Generally only act on the client's written instructions, once the bank is satisfied that the client's identity has been established by means of his/her PIN (which he/she should not disclose to anyone), identity document, signature or other unique means of personal identification. The bank will accept other forms of authority in exceptional circumstances only or where the nature of the process so dictates.
Disclosure by SureBank:
The following must be disclosed by SureBank:
- An explanation of the terms and conditions of account applications
- All-inclusive information on key features of services, products and account operation as well as the provision of information on:
- The transfer of money
- Operation of debit and stop orders
- Electronic banking services (including special requirements)
- Which identification and verification documents are required
- The recording of telephone conversations
- The retention of documentation
- Safety measures on accounts
- Details of charges and fees as well as any changes of these rates
- When, how and the purpose of disclosing personal information of the client to a third party and for credit screening purposes
Conduct by the bank:
The client can expect SureBank to:
- Correct errors and compensate the client where appropriate
- Take responsibility for losses in certain circumstances
- Give clients notice of closure of accounts
- Publish contact details with regard to the reporting of stolen/lost cards
- Confirm in writing (where reasonable, appropriate and applicable) any relaxation or arrangement with regard to indebtedness
- Ensure that the client does not sign documents unless fully completed
- Act only on the written instruction of a client
Conduct by the client:
SureBank expects the client to:
- Keep the bank informed of changes in his/her personal details and financial situation
- Take safety precautions when using: Cards, Internet, Cell phone Banking, ATM’s
- Take due care when transacting
- Manage his/her banking products properly
Complaint Resolution
What you can expect:
- To have your concerns heard
- To be treated with dignity and respect
- To have your concerns treated with fairness
- To receive a quick and appropriate response
- To have your concerns escalated where necessary
Lodging a complaint
Should you have a concern, please feel free to contact us via your nearest SureBank outlet or by contacting us directly via email or telephonically.
Should the complaint not be resolved immediately, SureBank will register your complaint and provide you with a reference number.
Within 5 business days, you will be provided with a resolution or the estimated time required to resolve the complaint. In the unlikely event we cannot resolve your complaint within 20 business days, you will receive a letter on our position or an indication of when we expect to reach resolution.
If you are not satisfied with the resolution/conclusion, you are invited to escalate your concern as indicted in the escalation process.
Internal Complaint resolution
It is of the utmost importance that customers’ disputes with SureBank are addressed successfully.
The following are required of SureBank with regard to internal complaint resolution:
- The bank's Internal Complaints Resolution Policy must comply with the standards determined by the Banking Council
- The bank must acknowledge a client's initial complaint within a set time period
- The bank must indicate to the client how long it will take to respond more fully to the complaint. This will happen when the bank
- Acknowledges receipt of the complaint and/or negotiates a resolution date acceptable to the client
- If a client requests it, the bank must provide him/her with information of the Internal Complaints Resolution Policy
- If a client wants to lodge a complaint, the bank must inform him/her how to do it
- If the client is not satisfied with the outcome of a complaint, the bank must inform the client what he/she can do next
- The bank must ensure that all staff in branches, client care staff or call centre staff assist a client with any queries and/or complaints
- The client can use the bank's website to obtain more information or to lodge a complaint
- Before the client lodges an official complaint with the OBS Office, he/she should first contact the bank to attempt to resolve the issues
- The bank must give the client a reference number for the complaint
Ombudsman for Banking Services
The Ombudsman displays impartiality, fairness and confidentiality, and is supported by all major banking institutions.
The Ombudsman for Banking Services (OBS) offers a free service to customers, displaying impartiality, fairness and confidentiality. It is supported by all major banking institutions, including SureBank.
Structure of the OBS
Banks who are members of the Banking Council, agreed to be bound by the jurisdiction of the OBS on a voluntary basis. In other words, there is no law that requires banks to belong to the OBS scheme. However, if a bank does not want to be subjected to the OBS, the said bank may not be a member of the Banking Council. The OBS Office is an independent and impartial Section 21 company (not for gain). The OBS Office reports to the OBS Board - not to the Banks.
Independence of the OBS
The Ombudsman acts independently and objectively in resolving disputes and is not influenced by anybody in making decisions.
Power of the OBS
The OBS resolves disputes by using the following criteria:
- The law
- Applicable industry codes or guidelines
- Good banking practice
- Banking practice in other jurisdictions
- Fairness in all the circumstances
Procedure to resolve complaints:
The OBS may make use of the following to resolve a complaint:
- Assessment of the merits of the case
- Mediation between the parties
- A written recommendation describing how the matter should be resolved and the reasons for the recommendation
- The OBS may personally make a binding written determination, based on the law or the Code in a case where a recommendation has not been accepted by all the parties concerned
Jurisdiction of the OBS:
The OBS can handle a complaint if:
- The complainant is a customer of the bank
- The complainant - if a small business, partnership, association, trust or close corporation - does not have a turnover exceeding R5 million per annum
- The claim is for R800 000 or less
- The complainant has, without success, raised the complaint with the bank
- The complainant has obtained (or tried to obtain) a complaint reference number from the bank
- The complaint concerns the bank's own products or services, or advice given by the bank's own staff regarding its own (or another institution's) products
- There has been misadministration on the part of the bank leading to some significant loss, distress or inconvenience
The OBS cannot handle a complaint if:
- The claim is (or has been) subject to legal action
- The case would be more appropriately handled by a court (e.g. evenly balanced disputes of fact, third party involvement and complex issues)
- The bank has exercised its commercial judgment (e.g. called in a loan or increased administration fees)
- The cause of the complaint arose over three years ago
- The claim has prescribed (i.e. is older than the legal time limit)
- The complaint is pursued in a frivolous, vexatious, offensive, threatening or abusive manner
Customer Service Charter
As a Financial Services Group, we at SureBank, aim to change the face of banking.
That's why we're totally committed to the Code of Banking Practice, and accept all legally binding judiciary rules as recommended by the Ombudsman for Banking Services (OBS).
Your experience with SureBank is important to us, and in striving towards service excellence, we have defined our dispute resolution process in order to deal with all complaints.
Customer Charter
SureBank's Customer Charter sets out our commitment to providing the highest standard of customer service. We seek to meet your financial needs by offering quality financial products and services.
Our customers are the cornerstone of our business and we consistently strive to exceed your expectations by anticipating and meeting your needs.
Responsiveness, efficiency and quality are among the high goals that we set for ourselves, together with integrity and transparency in all our dealings.
We value our clients and invest in them to ensure the delivery of these goals, while constantly working to better our knowledge and service standards.
Our value to you:
- Service
- Choice
- Security
- Affordability
- Service
We strive to:
- Work together as a team, putting you at the centre of everything we do
- Deliver a service that feels effortless, is consistent, seamless and error free
- Keep you informed at all times - we know that your time is precious
- If we fail to deliver on our service promises, we commit ourselves to always correct the situation as soon as possible
- Affordability
We strive to:
- Ensure affordability and good value for your money.
- Give responsible and professional service.
- Choice
We will:
- Provide you with flexibility and freedom of choice by servicing you on banking products and services that better meet your needs and give you the freedom of choice to switch to other products and services when you require
- Conduct our business in a fair and reasonable manner with uncompromising integrity and transparency in all our dealings. We encourage you to ask us to explain our costs and charges to you
- Recognise you as a unique individual and will apply our skilled resources not only to meet your specific requirements but surpass your expectations of what a bank should deliver
- Convenience
We strive to:
- Provide access and convenience. With our safe Cellphone Banking service, we put banking within your reach 24 hours a day.
- Deliver consistently high levels of service at any of our SureBank outlets nationwide.
- Security
We will:
- Guarantee peace of mind with the assurance that your money has been entrusted to one of South Africa's best banks. We are totally committed to the Code of Banking Practice.
- Ensure that the confidentiality and privacy of your information is respected at all times according to the laws and codes of conduct that govern the banking industry and our employees.
Financial Advisory and Intermediary Services Act (FAIS) of 2002
Our customers range from individuals to small businesses. To sustain our business performance we must remain responsive to the markets in which we operate by understanding our customers’ different needs and providing relevant products and services. To this end, we must maintain robust governance and risk management frameworks to facilitate banking activities such as transparent pricing structures, customer service and personal information security.
The Financial Advisory and Intermediary Services (FAIS) Act regulates the provision of advice and the rendering of intermediary services on certain financial products. Since its introduction in 2004, the Act has had a positive impact on the way customers purchase financial products through the increased qualifications, knowledge and competence of representatives and the quality of the documentation used to support the advice process. The Financial Services Board (FSB) continues to introduce enhancements to the ‘fit and proper’ requirements for representatives and specific individuals to ensure competency in rendering financial advice. In 2010 the FSB, in addition to providing guidance, placed more emphasis on regulating the industry. SureBank support this concept and actively participate in the FSB’s industry initiatives.
Treating customers fairly
The FSB published its treating customers fairly (TCF) discussion document in 2010. The proposed regulatory framework will create a more meaningful focus on customer outcomes at all levels of decision-making within financial institutions and at all stages of the product lifecycle. TCF is at the core of SureBank's philosophy.
The six pillars of TCF are:
- To make TCF central to corporate culture.
- Products and services must meet the needs of consumer groups and be targeted accordingly.
- Consumers must be provided with clear information before, during and after the point-of-sale.
- Customers must be given suitable service that takes their circumstances into account.
- Products and services must meet customer expectations.
- Consumers must be reasonably able to change products, switch providers, submit claims or make complaints.
Financial Intelligence Centre Act (FICA) of 2001
Overview
Information and documents required from customers to enable SureBank to comply with the requirements of the Financial Intelligence Centre Act. (FICA) No 38 of 2001.
Money Laundering is a process by which criminals hide or disguise the proceeds of their crime so that they appear to have originated from a legitimate source. Money Laundering has been identified as the third biggest business activity internationally.
The aim of FICA is to provide a legal framework for effective money laundering control, which is intended to prevent criminals from being able to integrate their ill-gotten gains into our credible banking systems. This law has brought South Africa into line with international standards in the fight against crime.
Our Obligations
Sections 21 & 22 of FICA, and the regulations thereto, require all South African Banks to ensure that they have correct details of all their customers by establishing and verifying certain customer details. These requirements have come to be known as “Know Your Customer” (KYC).
What this means for SureBank’s customers is that they are required to provide the bank with certain information and documents to enable the bank to meet their obligation to comply with FICA.
Our Commitment
SureBank is committed to ensuring that our FICA re-identification or process is done in a responsible manner.
We have set up an infrastructure aimed at contacting our customers and encouraging you to come into our branches to verify their details. Should you, however, not yet have been contacted by our staff, we recommend that you visit your nearest branch at your earliest convenience with the appropriate documents.
What You Need To Do
You need to supply us with documents that allow us to verify your identity. The information and documents required vary depending on whether you are our customer on a personal individual capacity or part of an entity. These categories are further broken down. Please contact SureBank Head Office for clarity:
Contact details
SureBank Head Office
Compliance Department
184 Argo Building
Erasmus Street
Meyerspark
Pretoria
Sharecall: 0860 11 7714 or (012) 810-1400
Fax: (012) 803 - 7805
email: f
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or contact us through our website at www.surebank.co.za
The Banking Ombudsman
The Banking Ombudsman
PO Box 5728
Johannesburg
2000
Sharecall: 0860 800 900
Telephone: (011) 838 - 0035
Fax: 011 838 0043
Website: www.obssa.co.za
Banking Council of South Africa
PO Box 61674
Marshalltown
2107
Telephone: (011) 645 - 6700
Website: www.banking.org.za
Financial Services Board
FAIS Ombud
PO Box 74571
Lynwood Ridge
0040
Sharecall: 0860 324 766
Telephone: (012) 470 - 9080/99
Fax: (012) 348 - 3447
Website: www.faisombud.co.za