COMPILED BY NEESA MOODLEY
Financial Services Board (FSB) has issued a warning that you should not conduct any financial services business with Go Direct Stock Market Investments (GDSMI), Mzoxolo Bezu and/or Mbuso Mthethwa.
GDSMI, Bezu and Mthethwa are not authorised to render financial services and are not representatives of an authorised financial services provider, as required by the Financial Advisory and Intermediary Services Act.
The warning comes after the board received complaints from clients that money invested with GDSMI, or invested on behalf of clients by GDSMI, has never been paid back and they have not received promised returns on their investments.
A statement by the board said all clients were promised specific returns, but on the day when the money was supposed to be paid, they were notified of new conditions such as penalties, fees and/or 30% taxation costs.
They were also told the stock market had fluctuated, or GDSMI would be keeping the interest that the investor had earned.
Remember that before you engage with any individual or business in the financial services industry, you should check that they are licensed on the FSB’s website (fsb.co.za), or contact the FSB directly on the tollfree number 0800 110 443.
has launched an online calculator that will help its customers figure out at what point the trade-in value will cover the settlement amount on the car.
WesBank customers can log on to wesbank.co.za to access the MyPayBack Curve calculator.
Previously, the point at which most car hire-purchase contracts “broke even” so that you could trade in the car without making a loss was 2.5 to three years.
However, in recent years, consumers have started taking out longer hire-purchase contracts in an attempt to make the vehicles more affordable on a short-term basis.
The result is the breakeven point at which you can trade in your car has changed. The calculator will help you figure out the breakeven point based on your individual hirepurchase contract.
SA women save more
survey by FNB shows that South African women save more than the country’s men by embracing fee-savvy behaviour such as swiping for purchases, withdrawing cash from retailers instead of ATMs and banking less at branches.
“On the whole, women are exhibiting better banking behaviours across our cheque database than men,” says Rya-Mari Muller, head of customer value management at FNB.
“This means they are saving on their banking fees, time in queues and travel costs.”
FNB data show that 41% of women’s total spend takes place with the swipe of a card, compared with only 31% of men’s total spend.
“Swiping is one of the most costeffective ways to save on banking fees,” says Muller.
“We encourage customers to swipe as it is a free and unlimited, safer option than paying with cash, and you can earn rewards.”
Women also make use of the cash-at-till options, with 4% of women’s spend withdrawn at retailers compared with 2.5% for men.
Cash withdrawals at retailers are free, with no minimum withdrawal amount, which means it is easy to add cash when at a participating store such as Spar or Checkers.
“It is a win-win situation as the retailers benefit from channelling cash back to the consumer and stemming the high cost of cashdeposit fees, as well as the costs of handling cash,” says Muller.