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Social Grants

The South African Social Security

Agency (Sassa) says it needs to alert primary caregivers of child support grant beneficiaries that the grant is only meant for children up to the age of 18 years, and that as soon as a child reaches

18 the grant lapses. It says the reason behind the clarification is that caregivers have complained that their children’s grants have lapsed in cases where the child has turned 18 but is still at school. “The fact that the child is still at school does not qualify them to receive the child support grant, as it caters for children up to 18 years only,” Sassa says.

Insurance

FNB is expanding its insurance business with the launch of short-term car and home cover. The bank says that FNB and RMB Private Bank customers who take up short-term insurance from FNB can get up to 15% of their premiums back in eBucks, while those who work from home can get an additional 20% off their car insurance premiums. Furthermore, customers who buy items using their

FNB Virtual Card get free Purchase Protect cover for 30 days post purchase. Jacques Celliers, chief executive of FNB, says the launch is “a giant stride on our journey to becoming an integrated financial services provider of choice”.

Banking

Discovery Bank has launched a feature on its banking app for real-time foreign currency transactions. Discovery Bank Forex Accounts will be operational 24 hours a day and clients will not pay conversion transfer fees for transactions between their forex and rand accounts. Hylton Kallner, chief executive of Discovery Bank, says: “Our full forex capability is a key requirement in the global environment. We have placed a great focus on removing the challenges of transacting in foreign currencies. It will take clients under a minute to add a dollar, pound or euro account to their banking portfolio and they can instantly convert rands at real-time conversion rates.”

Warnings

The Financial Sector Conduct Authority (FSCA) warns against the following operators, which are not authorised to provide financial services: ♦ Vici Markets, which claims to be affiliated with OM Bridge. OM Bridge says it has no business relationship with Vici Markets.

♦ SJKL Funeral Services, trading as Khoza Funeral Services and Solly Khoza. The

FSCA suspects this company of conducting unauthorised insurance business and breaching various financial sector laws.

♦ Elias Thabang Koloko and Mohau Johanna Moeketsi. The FSCA says it has received information that Koloko and Moeketsi are soliciting money from the public. Pamphlets titled “Let’s Prosper” issued by them promise investors unrealistically high returns on their investment.