FNB puts a stop to unauthorised debit orders f you bank with FNB, you will now receive an SMS notification every time a new debit order is added to your account, regardless of the amount. If it is an unauthorised debit order, you can dispute and reverse the transaction by replying to the message or logging on to one of FNB’s digital platforms.
Ryan Prozesky, chief executive of value banking solutions at FNB, says: “We have a proactive SMS system in place to notify customers if the bank suspects that a debit order may be unauthorised.
“Our new system means that customers will now have complete transparency and control of their accounts, as any new debit order will trigger an alert.”
Currently, banks are able to reverse debit orders immediately and refund you if they are disputed within 40 days of reflecting on your account.
“Not everyone checks their accounts regularly, so by immediately informing customers that a debit order has taken place, and by including the amount and the service provider’s name, customers can act quickly if they perceive the transaction to be unauthorised,” says Prozesky.
Along with the notification system, FNB has also introduced a function on the FNB app and cellphone banking platforms, which will allow customers to view what current debit orders are running off their account, and it will give them the option to stop, dispute and reverse any debit orders they believe to be unauthorised.
INew unit trusts launched rivate Client Portfolios, the asset management arm of Private Client Holdings, has announced the launch of three new unit trust offerings – the PrivateClient BCI Low Equity Fund, the PrivateClient BCI Medium Equity Fund and the PrivateClient BCI High Equity Fund.
Grant Alexander, director of Private Client Portfolios, says: “Prior to launching these new unit trusts, Private Client Portfolios’ wrap funds consisted of a combination of unit trusts that were held within a wrap model portfolio administrative structure and provided exposure to a combination of the best-ofbreed fund managers.
“Within the wrap model portfolio environment, Private Client Holdings’ clients held units within a group of different funds on the Investec platform – Nedgroup Rainmaker and Coronation Top 20 units. Now, within the new structure, clients hold PrivateClient BCI units, still on the Investec platform, which in turn hold these underlying funds.”
Alexander says the main benefits of the new structures include that they enable the asset manager to manage your investments at optimal efficiency across various platforms, with access to a wider universe of cost-effective investments and expertise, and to minimise capital gains tax on switches relating to discretionary investments.
“This new structure ensures transparent pricing,” he says.
PFinancial planner of 2016 ruce Fleming, advisory partner at Citadel, was named the 2016 financial planner of the year at the Financial Planning Institute Convention earlier this week. Fleming was recognised for his superior abilities as a financial adviser, his considerable industry knowledge and his skill in the profession.
Fleming, a certified financial planner, has been involved in the industry for 20 years. With an LLB under his belt, Fleming began his career as a legal adviser at Old Mutual in 1995, assisting some key financial planning businesses in the country. But it was through his work at Acsis, which he joined in 2000, that Fleming began financial planning in earnest.
“As a legal adviser, initially I realised the importance of financial planning in everyone’s life, regardless of income level,” says Fleming.
“I believe passionately in providing financial planning solutions to clients, as opposed to giving advice on a product.
“I create bespoke financial plans for every client and prospective client I see.
“I outsource aspects of the holistic financial planning process that I am not an expert in to specialists in the necessary fields, such as medical aid and short-term insurance.”