Regulator talks to Absa about bank fraud complaints
FSCA to meet all banks and draft set of conduct standards for the sector
Absa is tight-lipped about its meeting this week with the banking regulator about how the bank handles cyber risks.
Caroline da Silva, head of regulatory strategy at the Financial Sector Conduct Authority (FSCA), told Money that the regulator's meeting with Absa was the first of a series it will have with all banks. This comes after a "market conduct risk" across the sector was flagged in a retail banking diagnostic, as well as reports from customers, including one from Johannesburg attorney Mark Heyink.
In June last year, Heyink made submissions to the FSCA detailing Absa clients' allegations of unfair treatment by the bank in dealing with online banking frauds.
Though the meeting with Absa was general, Da Silva said the issues in Heyink's submission were discussed, including the predominance of Absa clients in cases of online fraud dealt with by the attorney...
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