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FSB warn­ing


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.

Trade-in value


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.

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