HEARD on the street


Low-in­come homes see more growth than lux­ury sec­tor

The Low-In­come Area House Price In­dex was the strong­est per­former in terms of year-on-year house price growth, record­ing 9.6% year on year for the sec­ond quar­ter of 2017, ac­cord­ing to FNB’s Area Value Band House Price In­dex. The bank at­trib­uted the low-in­come area seg­ment’s out­per­for­mance to the weak econ­omy, which has cre­ated a need for af­ford­able homes.

The bank added: “Nev­er­the­less, the Low­In­come Area Value Band House Price In­dex has shown marked slow­ing, from 13.6% at the start of 2016, and is also sig­nif­i­cantly slower than the 11.5% in the first quar­ter of 2017.” Mean­while, the lux­ury area price growth stood at 5.7% for the sec­ond quar­ter of 2017.

The in­dex cov­ers five in­dices, in­clud­ing the Lux­ury Area House Price In­dex (av­er­age price R2.301 mil­lion), the Up­per-In­come Area House Price In­dex (av­er­age price R1.224 mil­lion), the Mid­dle-In­come Area House Price In­dex (av­er­age price R866 026), the Lower Mid­dle-In­come Area House Price In­dex (av­er­age price R582 164) and the Low-In­come Area House Price In­dex (av­er­age price R357 938).

FSB fines Tendai Nyadombo

The Fi­nan­cial Ser­vices Board (FSB) has given Tendai Nyadombo a fine of R40 000 for con­tra­ven­ing the Fi­nan­cial Ad­vi­sory and In­ter­me­di­ary Ser­vices Act. The fine was handed down af­ter the reg­is­trar of fi­nan­cial ser­vices providers re­ferred a case against Nyadombo to the en­force­ment com­mit­tee of the FSB.

It was found that Nyadombo acted as a fi­nan­cial ser­vices provider in re­spect of the fol­low­ing cat­e­gories of fi­nan­cial ser­vices with­out au­tho­ri­sa­tion: long-term in­surance sub­cat­e­gory B1; long-term in­surance sub­cat­e­gory B2; longterm in­surance sub­cat­e­gory C; and retail pen­sion ben­e­fits.

The reg­is­trar said it con­sid­ered, among other fac­tors, that the con­tra­ven­tion took place over a pe­riod of two years and Nyadombo’s con­duct had the po­ten­tial of caus­ing prej­u­dice to clients.

In mit­i­ga­tion, the reg­is­trar took into ac­count that Nyadombo ac­cepted re­spon­si­bil­ity for the con­tra­ven­tion and co­op­er­ated with the reg­is­trar’s in­ves­ti­ga­tion and the sub­se­quent en­force­ment ac­tion. The fine was im­posed by the en­force­ment com­mit­tee on June 28.

Win R25 000 to kick-start a busi­ness

The Busi­ness/Part­ners Busi­ness Plan Com­pe­ti­tion for As­pir­ing Young En­trepreneurs is open for en­tries from those aged 18 to 35 years of age with cash prizes and men­tor­ship up for grabs.

The com­pe­ti­tion com­prises three phases. The first is a full-day work­shop, which equips all can­di­dates with the nec­es­sary knowl­edge to com­pile a busi­ness plan. All the es­sen­tial el­e­ments of start­ing a busi­ness will be dis­cussed, in­clud­ing fi­nan­cial man­age­ment, mar­ket­ing, le­gal con­sid­er­a­tions and em­ploy­ment is­sues.

In the sec­ond phase, par­tic­i­pants will be asked to sub­mit their busi­ness plans to a panel of judges for eval­u­a­tion. Eight re­gional win­ners will be se­lected and each will be awarded men­tor­ship ses­sions worth R6 000, which will help them de­velop their busi­ness plan fur­ther and get their busi­nesses off the ground.

The third phase takes place dur­ing Global En­trepreneur­ship Week (Novem­ber 13 to 17) where one of the re­gional win­ners will be deemed the over­all, na­tional win­ner. The prize in­cludes R25 000 in cash, men­tor­ship worth R12 000 and a smart tablet. To en­ter the Busi­ness/Part­ners Busi­ness Plan Com­pe­ti­tion for As­pir­ing Young En­trepreneurs, visit southafrica.sme­toolkit.org.

The clos­ing date for the first phase of the com­pe­ti­tion is 5pm on Mon­day, July 31.

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