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WhatsApp stokvels – Don’t get caught in the scam

The National Stokvel Association of SA (Nasasa) has warned people not to fall for the “quick buck” WhatsApp stokvels scam. According to a media report the scam operates as an alleged ‘savings club’ or stokvel, where users join the club with R200 and are encouraged to invite as many other people as possible to join. […]

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Plain language – Not just a TCF requirement

The financial services industry is a complex industry with terminology, acronyms and legislative terms that the “man on the street” does not easily understand. People working in the industry can quickly get caught up in the jargon and often assume that clients will understand. As a result plain language is highlighted as one of the […]

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Death Benefits – To be a dependant or not?

Section 37C of the Pension Funds Act 24 of 1956 governs the distribution and payment of lump sum benefits payable on the death of a member of a pension fund, provident fund, pension and provident preservation fund and retirement annuity fund. These benefits are informally known as “death benefits”. In one of the recent Financial […]

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Savings clubs – Perhaps time to consider as an alterna …

The National Stokvel Association of South Africa estimates that there are well over 800 000 stokvel groups in South Africa. Over 11.5 million South Africans have joined savings clubs and stokvels. These statistics show that savings clubs encourage investors to remain disciplined and committed to saving each month. In a recent press release, Noluyolo Betela, client relationship […]

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