REDS Listing
Being REDS Listed is a very serious matter – especially if you were unfairly dismissed. It can affect your career and prevent you from ever working in the financial sector again.
What does REDS mean?
‘REDS’ is an acronym for ‘Register of Employees Dishonesty System’, a system creates by the Banking Association of South Africa in the mid-1990.
The Banking Association of South Africa represents all registered domestic and international banks. There are over 26 banks apart of The Association including the major banks in South Africa.
The Association cultivates ethical practices through a Code of Banking Practices, which aims to manage competitive and profitable banking in a responsible manner for all its members.
REDS provides a useful platform for employers in the financial sector to use when referencing employees before employment. This platform shows the company who has previously been dismissed for dishonesty from the banking sector, to ensure this misconduct does not repeat itself.
What does being on the REDS List mean?
Being on the REDS database has a negative impact on you and your career in the financial sector. Being RED Listed blacklists your name in the financial sector. Thus, preventing your chance of working in the financial sector again, very low. You will have to change your career and work in another industry.
How can I clear my name from the REDS database?
If you feel like you have been unfairly dismissed after a disciplinary hearing and you want to clear your name from the REDS database, you must prove that you are not guilty of dishonesty. If the disciplinary hearing found you guilty, you must take it up at the CCMA to prove your case and your innocence. If the CCMA finds you innocent, your next step is to write to REDS attaching your CCMA ruling, proving that you are not guilty. After providing them with this information, REDS will remove your name from the database. Clearing your name.
If these steps fail and your name is still on the REDS database, then you can approach the High Court to rule on removing your name from the REDS database, after you are found not guilty for dishonesty.
