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For what it’s worth
Just because an object is old or beautiful, it doesn’t necessarily mean it’s valuable. So what does determine its price?
[Full Story...]
At the coalface
Your braai, and the wine you serve with it, should be worthy of the custodians of the oldest surviving human tradition.
[Full Story...]
Getting your just rewards
I recently received a message from Computicket saying: “Congratulations! You have successfully booked tickets online.”
[Full Story...]
Warning about foreign currency payments
You should be wary of accepting payment for goods and services in foreign currencies. Not accepting such payments will ensure that you avoid fraud and the risk of contravening the laws that govern the exchange of currency, the South African Banking Risk Information Centre (Sabric) says.
[Full Story...]
Save yourself from a financial 'own goal'
At times of great excitement, sports fans are prime candidates to fall foul of criminals who want to score off their finances. Here is a comprehensive guide to help you keep your money safe.
[Full Story...]
Awards are proof that you are reading the best
Personal Finance has again shown that if you want to know what is best for your personal finances, you need to read Personal Finance.
[Full Story...]
Banks will take old R200 notes until Monday
You have until the end of banking hours on Monday, May 31, to exchange your old R200 banknotes for new ones at any of the commercial banks - including First National Bank, Absa, Standard Bank, and Nedbank.
[Full Story...]
Ways proposed to make debt counselling work better
In a bid to help thousands of over-indebted consumers sooner rather than later, a debt review task team appointed by the National Credit Regulator (NCR) has come up with ways to streamline the debt counselling process.
[Full Story...]
Crafty cyber-crooks going all out to rob you
Beware: if you are one of the four million South Africans using the internet to do your banking, and are not being vigilant, you stand a high chance of being robbed. We report on a growing scourge, what the banks are doing to protect you, and how to protect yourself.
[Full Story...]
FSB grounds luxury incentive trips for financial advisers
It has been 14 years since Personal Finance fired the first shots in the drawn-out battle to stop the abhorrent practice of financial services companies incentivising so-called financial advisers by offering them luxury free trips abroad. To qualify for the trips, the advisers had to sell a targeted amount of the companies' products.
[Full Story...]
You can now claim damages if goods cause you harm
From today, you have the right, without having to prove negligence, to claim damages from a company if you suffer physical harm or financial loss because it supplied you with a defective product. We report on two provisions in the long-awaited Consumer Protection Act (CPA) that have come into effect.
[Full Story...]
Three more rulings against broker who sold Garek shares
Unlisted shares are a high-risk investment at the best of times, and you should treat with caution any offers to invest in unlisted companies that promise high returns, Noluntu Bam, the new Ombud for Financial Services Providers, says.
[Full Story...]
10 years of bringing you news about consumer protection (Part 3)
7. Collective Investment Schemes Control Act
In March 2003, the Collective Investment Schemes Control Act (Cisca) replaced the Unit Trusts Control Act, which had been in place since 1980.
[Full Story...]
10 years of bringing you news about consumer protection (Part 2)
5. National credit Act
The National Credit Act (NCA) has been acclaimed as one of the reasons South Africa has not been as badly affected by the global economic turmoil as have some other countries. This is because the Act has limited the potential for South Africans to borrow too much, while it has prevented banks and other credit providers from engaging in the irresponsible lending practices that sparked the sub-prime mortgage crisis in the United States.
[Full Story...]
10 years of bringing you news about consumer protection (Part 1)
A decade ago, consumers were at the mercy of unscrupulous scamsters offering dodgy investment schemes and financial services providers with a take-it-or-leave-it attitude. Since then, a plethora of legislation and a new approach to doing business have made the financial services arena a lot more consumer-friendly. We toast 10 of the most important developments since 1999.
[Full Story...]
Heads … you lose
The furore over the auctioning of two sculptures looted from China has fuelled the controversy over who should own cultural items of "national importance".
[Full Story...]
Added impetus to save
Overspending; undersaving – they cause distress to honest, hard-working people everywhere. But humans are far more adept at rationalising their greed while making irrational buying decisions than they are at living within their means. We happily pull the cashmere over our own eyes, telling ourselves we are saving while we are in fact blowing apart our rickety little budgets like a black Southeaster.
[Full Story...]
Ways of reckoning
Two new programs can help you to get to grips with your spending habits, but fully integrated online budgeting software is still some way off.
[Full Story...]
On a roll
Thanks to some outstanding winemakers, the local industry has never been in better shape, leaving consumers spoilt for choice.
[Full Story...]
Online survey pays off
Contribute to the salary comparison project and find out whether your employer is giving you a fair deal.
[Full Story...]
Staying ahead of the curve
Now that the economy has gone pear-shaped, economists say the outlook for a recovery could be U-shaped (even V-shaped for the particularly excitable), W-shaped or L-shaped.
[Full Story...]
Ancient city, modern art
Venice’s slow pace helps you appreciate what’s on offer at its world-renowned Biennale.
[Full Story...]
Brokers ordered to repay funds invested in Leaderguard scam
In two more rulings related to the Leaderguard foreign currency scam, Charles Pillai, the Ombud for Financial Services Providers, recently ordered two Welkom brokers to reimburse their clients. This brings to nine the total number of ombud rulings against brokers who promoted the forex scam.
[Full Story...]
Alexander Forbes does 'the right thing'
Retirement fund administrator Alexander Forbes has made a "substantial" offer to resolve a R950-million claim against it for its role in the allegedly fraudulent stripping of surpluses of retirement funds in the 1990s, reducing the retirement benefits of thousands of members and pensioners.
[Full Story...]
Alexander Forbes's about-turn will go far in repairing its damaged reputation
Finally Alexander Forbes has come to its senses and, for the first time, has genuinely attempted to put its sordid past behind it. It is a puzzle why it has taken it so long to do what Edward Kieswetter, its new chief executive, says is "the right thing to do" .
[Full Story...]
Ombud can now handle credit complaints
In an effort to streamline the handling of consumers' complaints about creditors, Manie van Schalkwyk, the credit information ombud, has extended his jurisdiction to hear such complaints.
[Full Story...]
Two investment schemes fined for contravening law
The Financial Services Board (FSB) has for the first time used its recently established Enforcement Committee to punish two collective investment schemes (CISs) - one managing unit trust funds and the other managing exchange traded funds (ETFs).
[Full Story...]
Recession hits use of financial products
Savings and the use of financial services products have taken a hit as a consequence of the recession, but even without the recession, the use of financial products by the wider population in South Africa is far from optimum.
[Full Story...]
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