The Financial Sector Conduct Authority (FSCA) is aware of recent technical issues experienced by Capitec Bank that have resulted in many of its clients having duplicated transactions in their accounts. The Authority has also taken note of Capitec clients’ complaints about this issue and have engaged Capitec accordingly.
The bank’s management team has assured the FSCA that this matter is being attended to urgently, and will be resolved in the next 24 hours, with clients’ funds returned to their accounts. Clients who do not receive their money can approach the banking ombudsman to file an official complaint. As part of the requirements in the FSCA’s Conduct Standard for Banks, the FSCA will continue to engage with the banking sector and review their systems and processes to avoid such instances occurring in the future.
The FSCA is monitoring the situation and expects a speedy resolution in the best interests of all affected Capitec clients.The Conduct Standard for Banks can be downloaded here or visit www.fsca.co.za. The banking ombudsman can be contacted by
emailing info@obssa.co.za or visiting www.obssa.co.za
Enquiries: Financial Sector Conduct Authority
Email address: fscacommunications@fsca.co.za
Telephone: 0800 203 722
