FNB's execs party away profits

Noseweek Issue #170, 1st December 2013   


FNB's execs party away profits

The management in FNB’s Core Banking Solutions division (CBS) – the people who set those outrageous fees on current or cheque accounts – has changed a lot over the past three to four years. They have become a self-absorbed, exclusive “club” whose members somehow believe they are entitled to all sorts of special benefits – benefits that the lower echelons of staff, their customers and SARS really don’t need to know about.

One of the most recent super-perks has been an eight-day, all-expenses-paid holiday trip (in work time) for the “Exco Team” and their partners, 40 people in all, to Iceland  – ironically a country bankrupted by the excesses of its bankers. In preparation for the trip, Core Banking CEO Irlon Terblanche had his FNB card’s limit increased to R150,000 for the week. Clubbing is apparently big in Iceland and FNB would be picking up the tab!

Included in the tour (“because we’re worth it!”) were Terblanche; CFO Ravi Singh; Johan Moolman (debit cards); Andrew Bladon (sales); Ilse Smuts (marketing); Rya-Mari Muller (projects); Tracy van de Goede (HR); Rhoda Moodley (legal & compliance); Jo-Ann du Plessis (pricing); Shane French  (ops); Rob Evans; Kayur Govind (pricing); and Chranshenda (Shandy) John (PA to the CEO).

Almost immediately some of them recklessly...

 

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Submitted by : Nav Chan of Durban on 2014-04-22 01:11:22
FNB also engages with what is now known as the SAFPS (South African Fraud Prevention Service) which was taken to the High Court in 2011 by the National Credit Regulator and ordered to subscribe [comply?] with the National Credit Act No 34 (2005). Till now, the SAFPS has not done so and is allowed to operate ILLEGALLY – with INACTION from the NCR thus far. The best part is, FNB (one of the big four banks in South Africa) is a willing subscribing member.

So what happens when you become a "troublesome" customer viz. demand better service, make enquiries into bank activities that you believe to be illegal? Your accounts get closed without legal reason and some bizarre listing is placed against your ID number with the SAFPS.

Though it's tantamount to Financial Defamation on the part of FNB in this case, it's near impossible to have it removed and becomes a literal cancer to your financial operation and survival in South Africa. As customers we entrust banks with our life's earnings and their extreme disregard for their fiduciary duty of care are criminal to say the least!

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