ISSUEMONTHWOMEN’STHE
MONEY August 2022 IOL
CONTENTS FEATURES Financial advice from women to women 4 Mommy, are we there yet? 6 Debt: is it a nasty little secret in your relationship? 12 The gender pay gap contributes to underinsurance in women 14 REGULARS Rands and Sense with Hymne Landman 9 Money Basics with Martin Hesse Two court cases women need to know about 10 Important contacts & links 16 2
Martin Hesse CONTACTPUBLISHERUS Vasantha vasantha@africannewsagency.comAngamuthu MONEY EDITOR Martin martin.hesse@inl.co.zaHesse DESIGN Mallory mallory.munien@inl.co.zaMunien PRODUCTION Renata renata.ford@inl.co.zaFord BUSINESS DEVELOPMENT Keshni keshni.odayan@inl.co.zaOdayan SALES Charl charl.reineke@inl.co.zaReineke INQUIRIES hello@africannewsagency.com
– CLARE BOOTH LUCE Author 3 @PERSONALFINANCE
From a man's viewpoint, I think women sometimes don’t appreciate how far they have come regarding employment equity in a relatively short time. There is still a way to go before complete equity is achieved, where women are treated no differently from men and are rewarded the same as men. But think of the progress that has been made.Only half a century ago, married women were expected to stay at home, do the housework and raise the children, while their husbands worked to put bread on the table. The roles were sharply defined. Today, while women enjoy career opportunities on par with men and their pay is beginning to equal what men would get in the same job, it appears to me that many are still on the back foot concerning the financial know-how that men have traditionally had, and are therefore still vulnerable to financial exploitation.Ibelievethis is because even in households where both parents work, as far as the household finances are concerned, the roles have not evolved to the same extent: the husband is still generally responsible for the household finances, taking care of insurance, paying the bills, and making provision for retirement.Financial education is vital for women to take that final step towards financial independence. I hope this Women’s Month edition of IOL MONEY goes just a little way in providing the knowledge you need.
A woman’s best protection is a little money of her own.
FROM THE EDITOR
It is important to figure out what fills your cup each day so that you can wake up feeling inspired. Feeling overwhelmed and not knowing the way forward is perfectly usual. Find out what inspires you, build it into your financial plan, and strive to do that every day so that your life can be filled with unlimited possibility. Hannah Myburgh, CFP, is a financial planner at Crue Invest.
Women, you are capable, you are enough and you are more powerful than you can imagine. Work on your financial independence so that you will never have to stay in situations or environments for the sake of financial support. Financial discipline is the first form of self love. Thembisa Luthuli, CFP, is principal wealth advisor at PSG Wealth, Durban.
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Seven CFPs offer words of wisdom and inspiration.
LISA LINFIELD
Who better to give financial advice to a woman than a female financial adviser with the sought-after and highly regarded Certified Financial Planner (CFP) professional accreditation?
THEMBISA LUTHULI
FINANCIAL ADVICE FROM WOMEN TO WOMEN
HANNAH MYBURGH
Know your three numbers: how much you spend; how much you need to stop work; and how much you should be investing each month to get there. We’re wired to feel safe only when we can provide for and protect our family. Not knowing if you’ll be okay creates underlying stress that won’t go away until you have a plan. Lisa Linfield, CFP, is an author, speaker, and founder and wealth planner at Southern Pride Wealth and founder of Working Women's Wealth.
Take some time to imagine what your future might look like. Then take the brave next step of examining all the assumptions that built that scenario. Without this reality check you can’t begin to create the future you want. Each small incremental step you take today will build your happy future.
A man is NOT a financial plan! Have a plan of your own, unique to your own needs. By all means plan your finances together with your partner, but know exactly what your worth is. Have the money conversations before you tie the knot, get to know the money habits of your other half and, above all, stay true to your own financial goals.
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PALESA DUBE
JANET HUGO
Women accumulate less money over their lifetimes compared to men mainly due to being underpaid, having to parent alone and not saving or investing adequately. It’s therefore crucial for women to engage in the financial planning process as early as possible. Financial success IS achievable and should be pursued by women with urgency.
Palesa Dube, CFP, financial planner at Wealth Creed.
Gugu Sidaki, CFP, is a wealth manager at Wealth Creed.
GUGU SIDAKI
Janet Hugo, CFP, is a director of Sterling Private Clients.
The journey to your destination should be just as enjoyable as the holiday itself. Our own biases and fear of the unknown often stand in the way of us achieving our financial goals. Taking the decision to start and then partnering with a financial planner who understands you is a great way to embark on your journey to wealth.
PREM GOVENDER
Prem Govender, CFP, is a financial planner at Mosswick Investments and chairperson of the South African Savings Institute.
MOMMY, ARE WE THERE YET?
Certified Financial Planner Palesa Dube says women need a well-structured financial plan to ensure a secure future for themselves and their children, and also to have an enjoyable journey getting there.
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With it being Women’s Month, it's an apt opportunity to hone into matters that pertain specifically to female investors. A number of studies, including a 2021 research piece conducted by McKinsey on 5 000 European investors found that when asked about their attitude toward riskiness in investments, a larger share of women than of men (42% versus 34%) reported taking a risk-averse approach to asset allocation. The study found that women are less likely to invest into equity and have a preference to fixed income assets instead. Male investors in the study reported having an average 45% allocation to equity compared to 32% held by women. Furthermore, women held 32% of their portfolio in fixed-income assets while their male counterparts reported an average 24% holding. It goes without saying that a caveat is necessary here, that generalisations on the basis of gender are far from perfect and that the reasons women score as more risk averse are numerous. These may vary from simply being an evolutionary “hangover” where men still rely on an instinctive fight-or-flight response to danger, whereas women are more hardwired as caretakers and thus take a more careful approach to looking after resources. Women, particularly those in partnerships have historically occupied a back seat when it comes to family finances, and the decision making and provision responsibility was that of the male provider. Again this trend is rapidly changing and there are many other nuances that we could delve into to
Wealth holders generally desire the same things, which is to provide sufficiently for their loved ones as well as for themselves to enjoy the fruits of their labour, doing those things that are most meaningful to them.
Define your goals I liken this endeavour to a family road trip from the city to a beach destination of your dreams. Your dream destination is chosen based on what you like and value most in a holiday experience. Similarly your personal financial goals need to be aligned to your values and the aspirations you have for yourself and loved ones. Partnering with a Certified Financial Planner (CFP) professional can set you well on the path to articulating these goals and putting the appropriate plans in place to ensure that you achieveMappingthem.out the road ahead Whether you take the quickest or the most scenic route also depends on your preferences and may seem like a straightforward decision process while you are at the planning stage of the trip. But life is seldom straightforward and instead throws curve balls that your plan will need to robustly respond to if you are to stay the course and eventually arrive at your destination. So, your plan needs to take into consideration some planned life transitions such as having children, getting married, purchasing a bigger home as your family’s needs change, career progression and the like. The curve balls may be a divorce, retrenchment, illness or an untimely death. A sound financial plan needs to address the expected but also make provision for the unforeseen to ensure that you and your family continue to enjoy your chosen lifestyle.
managementfinancialfaraby40%householdsfemale-headedbeingapproximatelypoorerthanthoseheadedmen.Thesefactorsmakeitnecessityforwomentobemoredeliberateabouttheirplanningandwealtharrangements.
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explain this preference. Another challenge that women continue to contend with is the income disparity between themselves and their male counterparts in similar jobs. This gap is partly explained by the fact that women either take time off work to raise children or have to split their time and attention to a career and to family matters in a disparate proportion. South African women continue to battle a persistent income disparity of between 23% and 35% in favour of their male counterparts. In South Africa, approximately 38% of households are headed by women. The income disparity results in
Palesa Dube, CFP, financial planner at Wealth Creed.
There is an abundance of research that points to the asset allocation decision as the primary driver of investment returns of a portfolio. That is to say, how much of your portfolio is allocated to local and global equity, cash, government and corporate bonds as well as property.While women may be more risk averse, a CFP professional can assist you in structuring an appropriate portfolio, set out what kind of returns you can expect from the portfolio and guide you with regards to how much volatility you can expect from such an investment over time.An important discussion that should be had is about maintaining your composure in periods when there is a marked drop in market prices. Think back to the market crashes of March 2020 or in 2008. Irrecoverable damage is done when investors panic during such market downturns and opt to disinvest intoThecash.role of your financial planner in such instances is to help you adhere to your investment strategy where it still makes sense in such circumstances. How will we get there?
● Endowment policies: Can be used by high-net-worth individuals who have a marginal tax rate higher than 30%. An endowment policy is a suitable investment vehicle for investors who want to invest after-taxed capital over the medium to long term. Tax on investment income is withheld at source (in the endowment) by the administrator at a rate of 30%.
Similarly, when structuring an investment portfolio it is important to consider what the goal is, what the time horizon is for such a goal and how much risk you are willing and able to assume, in order to achieve the investment goal.The combination of these considerations culminates into an appropriate asset allocation for your needs and ensure that you neither assume too little or too much risk for your requirements.
● Tax-free savings accounts: For investors who want to invest after-taxed capital over the medium to long term and benefit from a tax-free return. Contributions are limited to a maximum of R36 000 in a tax year, with a lifetime contribution limit of R500 000. The investment is fully liquid at any time.
● Insurance) products: A combination of life cover, lumpsum disability cover, income protection, dread disease cover, and funeral cover may be necessary at certain stages of your life but need to be reviewed periodically to ensure suitability.
● Retirement funds (retirement annuities, pension and provident funds, preservation funds): Can be used to preserve retirement capital; and/or save towards retirement, in a tax-effective way. Contributions into a retirement fund are tax deductible up to a maximum of 27.5% of your gross income, with a maximum of R350 000 per tax year. No tax is payable on interest earned, dividends received or any capital gains made while in the retirement fund. Tax is due on withdrawal (where applicable) according to the taxation laws that apply at the time of withdrawal.
Taking the decision to start and then partnering with a CFP professional who understands you and who can act as a coach and accountability partner is a great way to embark your journey to creating and safeguarding your hard earned wealth.
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Here is a short synopsis of products you may encounter which may be appropriate in your financial plan:
Mind your risk appetite As beautiful as the scenery on your route maybe for you, the question inevitably comes, especially from impatient and easily bored young passengers who’ll be screaming “Mommy are we there yet?” A mommy knows her clan very well and therefore would have taken this into consideration when planning the trip and taken all sorts of activities the keep the little ones occupied until you get there.
● Discretionary investments: For investors who want to invest aftertaxed capital over the medium to long term in a combination of solutions investments such as collective investments, guaranteed products, managed solutions and/or direct share portfolios. Tax is payable on interest earned, dividends received and on any capital gains realised when on disinvestment
The risk and investment vehicles (or products) most appropriate for your needs are again an important consideration at the onset of the planning process, not only for the initial stage, but they also need to be able to adapt to your changing requirements over time. This talks to the fact that a financial plan must be reviewed regularly to ensure that it is still appropriate for the life stage you’re currently at.
Last word The journey to your destination should be just as enjoyable and pleasant as the holiday itself. Our own biases and fear of the unknown are often what stands in the way of you achieving your financial goals.
Hymne Landman Rands and Sense
DON’T
2. Investment risk. That 10% return does not necessarily come without taking a risk of some sort. Investment risk refers to the uncertainty linked to your investment – will it grow at all? What is the likelihood of achieving that return? Some risks are bigger and more uncertain than others, so make sure you know the odds before you invest. And always keep in mind that investment is a long-term commitment and that your money should work for you over a longterm time horizon.
3. Assets. An asset is something that has economic value – in other words, it can be sold or traded. Assets are things like houses, cars and investments. Some assets (like investments) are better than others (like cars) since investments gain value over time, whereas cars depreciate (lose value) over time.
4. Investment products. These are products that are available for you to save and invest, such as your bank savings account, your pension fund or a flexible investment account (there are many out there). Investment products are usually defined by regulation, as they are taxed in different ways and have different rules around the flexibility you have with the investment. A financial adviser can help you identify the investment product that would best suit your specific needs and investment goals.
South Africans need to do more than simply save their money; they need to know how to make it grow by investing it. When it comes to investments, all the options available together with all the financial jargon can make decision-making quite overwhelming. Luckily, knowing just the fundamentals can take you a long way. This is the first stepping stone to financial freedom. The first thing you should do when you start saving is to get to know the terminology and jargon that is commonly used in this space. Everything about investing looks intimidating when you don’t know what people are talking about. By understanding at least the basics of financial language, you will empower yourself to make better decisions when you are presented with options. It is surprisingly easy. And as soon as you know the most important terms and know what they mean for your hard-earned finances, you will start to know what questions you should be asking your financial adviser and which opportunities to look for. You’ll know which investment vehicles may be the best fit for you, and get a better idea of what you can do with your savings. These are the top five most important and basic financial terms that everyone should familiarise themselves with:
Hymne Landman is Head of Momentum Wealth at Momentum Investments.
JARGONFINANCIALLETHOLDYOUBACK
1. Investment return. This is how much you earn from an investment over and above the amount you have invested. It is usually expressed as a percentage of the investment amount per year. For example, if you invested R1 000 in an investment that gives you a 10% return per year, you will have R1 100 at the end of the year.
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5. Diversification. Imagine you had a basket of eggs and the basket falls and all the eggs break. You are now left with no eggs. Diversification is putting your eggs (money) in different baskets (investments). It is an approach to manage the risk of your investments. This may mean investing your money in different assets and asset classes, such as shares, bonds and property.
MONEY
KNOW ABOUT
TWO COURT CASES WOMEN NEED
Two court rulings in the past eight months have overturned existing practices regarding who gets what when a relationship or marriage ends, and they apply especially to women. BASICS HESSE
with MARTIN
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Two court rulings in the past eight months have overturned existing practices regarding who gets what when a relationship or marriage ends, and they apply especially to women. If you’re in the type of relationship described in either of the cases detailed below, you need to take note: it appears the law is slowly turning in your favour. 1. You’re unmarried, but in a heterosexuallong-termrelationship If you are one of the 3.5 million South Africans who are living with their partners but not legally married, you may now have a claim on your partner’s estate if he/she dies. By a quirk of the law, until December last year, the legal definition of “spouse” applied to unmarried same-sex TO
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David Thomson, senior legal adviser at Sanlam Trust, says: “These changes could be quite alarming for people who are just living together. Suddenly, things get a lot more serious. Many may start asking what they need to do and whether they want the other person to inherit.”
He says the best thing to do, if you’re in such a relationship, is to draw up a cohabitation agreement, outlining your financial rights and responsibilities, with the help of a financial planner, and to regularly update your individual or joint wills, so there’s no uncertainty around each person’s wishes.
partners, but not to unmarried heterosexual partners. But the so-called “Bwanya ruling” changed that. Jane Bwanya was about to marry multimillionaire Anthony Ruch when Ruch died. The pair were cohabiting and had plans to start a business together. They’d been dating for two years and wanted to start a family. Ruch left everything to his mother in his will, which he never updated to include Bwanya. His mother died before him and he had no heirs –effectively he died intestate (which means dying without leaving a will).The Intestate Succession Act says that if you die without a will, your estate will be divided among your surviving spouse (including a same-sex partner and a spouse by customary or religious marriage) and your children. If you die without leaving a spouse or children, your parents and siblings stand to inherit. Bwanya contested being excluded under the Act, arguing that if it had been a same-sex relationship, she would have had an automatic claim to Ruch’s estate. The High Court ruled in favour of Bwanya and referred the matter to the Constitutional Court. The Con Court agreed and declared the definition of “spouse” unconstitutional. The Act still needs to be changed, but this is expected to happen, although it raises many questions, such as what criteria determine such a relationship.
2. You’re married out of community of property without accrual Until 1984, you could be married either in community of property (your estates were joined together into a joint estate) or out of community of property (your estates remained completely separate). In 1984 the marriage laws were changed to include the accrual system for couples married out of community of property.Thismeant that the couple’s estates remained separate, but any assets they accrued during the marriage would be shared. However, couples could still choose to marry out of community of property without accrual, meaning nothing was shared. A court case in May has resulted in a relook at how fair the law is for spouses married without accrual. The Gauteng High Court, Pretoria, declared the applicable section of the Divorce Act unconstitutional in that it did not allow for a court to make a “redistribution order”.
Shani van Niekerk of Adams & Adams Attorneys said this was a historic judgment, especially for women who earlier stood to receive nothing if they were married out of community of property.VanNiekerk said anyone divorcing who felt they had contributed to a marriage –whether directly or indirectly –could now apply for a fair share of the assets accumulated by the couple during the marriage. This applied especially to women who took care of the children and household, without working and earning an income.
The estranged wife of a wealthy wine farmer turned to the court to have the section of the Divorce Act declared unconstitutional. Her lawyers argued that the court needed to consider whether the wife had contributed to the growth of her husband’s estate during the marriage (even through means such as looking after the household), and the extent of that contribution.Thewifehad been forced into signing an antenuptial contract to be married out of community of property, excluding accrual. She said she had been young, naive and in love with her husband and had been pressured to sign the contract by his family, especially hisShefather.argued that, for almost 30 years of marriage, she had significantly contributed to the maintenance and expansion of her husband’s estate and assets, while looking after the children and working on the farm.
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Many South Africans are deeply in debt. How many have told their partners about their crippling credit issues? A US News and World Report found one in three couples deal with financial infidelity in the US. In South Africa, where the debt-toincome ratio for the first quarter of 2022 reached a record high of 150% for R20 000+ income earners, could this be even higher? Money talk is tough. Many simply avoid it and keep their debt secrets hidden from their partner, but the fallout can be immense. The best way to avoid it is to play open cards, however hard this might be. A 2018 study found 76% of married couples who experienced financial infidelity said it negatively impacted their relationship; for 10%, it resulted in divorce.Ayanda Ndimande, business development manager of retail credit at Sanlam, says: “If ever there was a passion killer in a relationship, it is a shortage of money. So, it’s imperative to have an open discussion with your partner to have a full view of what you both bring to the relationship financially, to build wealth“Considertogether.consolidating your debt and getting rid of it as soon as you can – or at least have a contract that each of you will pay off your outstanding debt within a stipulated time.”
Ndimande and Nozibusiso Nyawose, a clinical psychologist and CEO at Psych Consultancy, share how to have those difficult conversations around debt: How do I reveal a nasty little debt secret to my partner? Nyawose says: “The first step is to acknowledge the problem and establish accountability for how it arose. Then focus on how to ‘fix’ it. A healthy relationship should not include judgement on the debt, but rather, look at ways to resolve it. Financial transparency is crucial as it allows partners
DEBT: IS IT A NASTY LITTLE SECRET IN YOUR RELATIONSHIP?
Financial infidelity is a prime cause of unhappiness in relationships and can even lead to divorce. A financial expert and a clinical psychologist explain how you should approach spending and debt in a mutually beneficial way.
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Is my credit score affected by my partner’s score? Ndimande says that if you’re married in community of property, then you’re both liable for each others’ partner’s debt. For example, if one partner’s credit score is good and the other’s is not, this could impact your application to qualify for a home loan if you’re seeking to buy a joint property. However, this is not the case if you are married out of community of property.
to plan for the future and share responsibilities.” A financial adviser can play a pivotal role in facilitating these tough talks. If I discover my partner has a lot of debt, how can I support him/her? Nyawose says: “Support your partner by being mindful of words that can emotionally break them or make them feel shame and guilt. Reframe the conversation from constantly reminding your partner of the debt. However, take steps to get professional financial assistance together, and teach one another to communicate effectively when it comes to making money decisions.”
If one person is financially fit and the other is not, how do you avoid an unhealthy power dynamic? “Unhealthy power dynamics are a leading cause of break-ups in relationships. Financial strain can contribute to hostility and high levels of dissatisfaction. However, relationships are built on many things besides money. Both individuals must come to an understanding regarding household contributions. Be honest about what you can –and are willing to – contribute. This will avoid unrealistic expectations,” says Nyawose. Can financial advisers help couples walk a financial journey together? Ndimande says: “Yes. An adviser will look at your financial position and explain options that may work well for you both. For example, life cover is important to cover any outstanding debt in case of one partner becoming disabled or passing away. Financial advisers can also help you to improve your credit score. “Most importantly, an adviser can help give you the financial confidence to trust each other, have honest conversations and set shared goals to work toward.”
How should we tackle debt as a couple? Ndimande says: “Start by sitting down and doing a consolidated budget showing income versus expenses. If outflow exceeds inflow, consider talking to a credit management coach or financial planner to help you consolidate your debt into a more affordable option and release cash flow. “Pay off the biggest debt first, then use what you save to pay off the smaller ones. Being in control of your debt and showing good payment behaviour (no skipped instalments) will automatically improve your credit score. It’s critical to stick to whatever strategy you decide on as a couple and do a monthly budget check to see how you track.” In essence, control your spending before your spending controls you. “You can also introduce a little bit of healthy competition to lighten things up. If both partners are in debt, compete to see who can pay off their debt the fastest, within a designated time frame. Reward small wins along the way with date nights, for example – obviously no expensive gifts or treats on credit though!”
Here are some findings from the Sanlam survey: ● Should a woman lose her income, she is less likely to be able to cover her bond or rent – even for a month. Only 26% of women had sufficient risk cover in place to continue paying their bond or rent long-term and 29% would not be able to pay it at all. The picture is quite different for men however, with 39% having sufficient cover to pay their bond or rent long-term and only 14% completely unable to cover it. Men remain better positioned to pay these costs than women. In a country of households,women-headed-thisisconcerning.
Women are more vulnerable to life’s curve balls. They still get paid less than men, have fewer promotion opportunities than men and, to compound their vulnerability, are less likely to have life and disability cover.
THE GENDER PAY GAP CONTRIBUTES TO UNDERINSURANCE IN WOMEN
More than a third of women (35%) cite income as their greatest asset (versus 22% of men), yet only 16% have income protection compared to 20% of men. This comes from Sanlam Individual Life’s recent survey of over 900 South Africans, which highlighted the insurance gap between the genders. Women earn up to 35% less than men for work of equal value, impacting their ability to guard against life’s curve balls.Karen Bongers, product actuary at Sanlam Individual Life, says: “According to the United Association of South Africa, following the pandemic, the projected time to close the gender gap has gone from 99.5 to 135.6 years. In a country where 38% of households are headed by women, this has major ramifications. The pay gap contributes to women struggling, more than men, to protect themselves against the unexpected, through adequate cover and savings.”
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When considering what types of risk cover women need, Bongers says death cover is pivotal for women who are sole breadwinners, such as single mothers. “It’s also very important in dual-income households where the family relies on both incomes. In addition, lump-sum disability cover and income protection cover provide critical financial protection to anyone rendered unable to work due to illness or injury, including single women with no dependents. Finally, severe illness cover is an important consideration for protection against the financial implications of a major illness.”
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● Most women (44%) without income protection perceive the product as too expensive, which may point to the earning gap between the genders.
THE TYPES OF COVER WOMEN CONSIDERSHOULD
Bongers also cites Sanlam Individual Life’s 2021 claims statistics for additional insights into the cover especially pertinent to women.
● 66% of severe illness claims from women were for cancer. It is therefore important for women to consider whether their policies have comprehensive cover for cancer, including cover for early cancer and mastectomies.
● C-section and pregnancy complications are common reasons for claims under Sanlam’s Sickness benefit. Women who intend to have children should check whether their income protection covers theseHowincidents.youcan plan for ‘what ifs’ when money is tight Bongers says: “The right choices aren’t always the easy ones. Choose them anyway, when at all possible. Investing in these products now could save you from serious financial stress should the unexpected occur. Ask yourself ‘who will pay for my family’s monthly expenses should I be unable to work?’ Consider a scenario where the loss of income is temporary and one where it’s permanent. Sit down with your monthly budget to see if there are any non-essential outflows you can redirect to a life insurance premium. If you cannot fully cover your risk needs, try to cover as much as you“Prioritisecan. based on what’s most essential – for many people, this is cover that will replace an income should they be unable to work. It’s also useful to know that some life insurers have different products at varying price points. Remember to ask how premiums will increase over time – options that have much cheaper premiums upfront could increase exponentially, which could mean affordability issuesBongerslater.”says a trusted financial planner can help you set up a realistic financial roadmap that meets your risk cover needs. “Tough money conversations today can prevent even tougher times in the future. Thinking about the future now provides peace of mind in the present.”
INFORMATION click on the links to visit the website FINANCIAL EDUCATION Financial Sector Conduct Authority MyMoney Learning https://www.fscamymoney.co.zaSeries South African Savings Institute https://waystosave.co.za/#WaysToSave OMBUDSMAN & REGULATORS Ombudsman for Banking Services ShareCall: 0860 800 900 or phone: 011 712 1800 Email:www.obssa.co.zainfo@obssa.co.za CONSUMER ISSUES National Consumer Commission Toll-free: 0860 003 600 or phone: 012 428 7000 Email: (debtEmail:MaxiCall:ShareCall:andcomplaints@thencc.org.zawww.thencc.gov.zaConsumerGoodsServicesOmbud0860000272Email:info@cgso.org.zawww.cgso.org.zaCreditOmbud0861662837orphone:0117816431ombud@creditombud.org.zawww.creditombud.org.zaNationalCreditRegulatorShareCall:0860627627orphone:0115542600Email:complaints@ncr.org.zaorcounselling)dccomplaints@ncr.org.zawww.ncr.org.za FINANCIAL ADVICE Ombud for Financial Services Providers phone: 012 470 9080 or 012 762 5000 Email:www.faisombud.co.zainfo@faisombud.co.za INVESTMENTS Financial Sector Conduct Authority ShareCall 0800 110 443 or 0800 202 087 www.fsca.co.zainfo@fsca.co.za LIFE INSURANCE Ombudsman for Long-term Insurance ShareCall 0860 103 236 or phone: 021 657 5000 Email:www.ombud.co.zainfo@ombud.co.za MEDICAL SCHEMES Council for Medical Schemes MaxiCall: 0861 123 267 Email: complaints@medicalschemes.com or information@medicalschemes.comwww.medicalschemes.com RETIREMENT FUNDS Pension Funds Adjudicator ShareCall: 0860 662 837 or phone: 012 346 1738 Email:www.pfa.org.zaenquiries@pfa.org.za SHORT-TERM INSURANCE Ombudsman for Short-term Insurance ShareCall 0860 726 890 or phone: 011 726 8900 Email:www.osti.co.zainfo@osti.co.za TAX Tax Ombud ShareCall: 0800 662 837 or phone: 012 431 9105 Email: complaints@taxombud.gov.zawww.taxombud.gov.za PROFESSIONAL ORGANISATIONS Fiduciary Institute of Southern Africa (FISA) phone: 082 449 2569 Email:Financialsecretariat@fisa.net.zawww.fisa.net.zaPlanningInstituteofSouthAfrica(FPI)Phone:0114706000Email:info@fpi.co.zawww.fpi.co.zaSouthAfricanInstituteofTaxProfessionals(SAIT)Phone:0129410400Email:info@thesait.org.zawww.thesait.org.za FINANCIAL DATA ◆For the latest financial market indicators, go to report/market-indicatorshttps://www.iol.co.za/business◆For the latest quarterly unit trust performance, go to personal-finance/collective-investmentshttps://www.iol.co.za/ ◆To look up performance of a particular unit trust fund go to personal-finance/fund-look-uphttps://www.iol.co.za/ Here are sources that can help you with financial education, give you more information on savings and investments, and afford you recourse if you have a consumer complaint or a complaint against a financial services provider 16
