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South Africa’s Financial Services Board (FSB) has joined its global financial services regulatory peers in adopting fair outcomes for consumers as one of its overarching goals. The implementation locally of the Treating Customers Fairly (TCF) regime, hot on the heels of similar initiatives in the United Kingdom and other developed markets, supports this claim.
In a recorded message to the 2015 Financial Intermediaries Association of Southern Africa (FIA) Road Shows, Caroline da Silva, DEO: FAIS at the Financial Services Board (FSB), told South Africa’s risk and financial advisers that advice, the adviser and the FIA were crucial factors in ensuring good outcomes for financial services consumers.
Robert Laing’s opinion column published on bdlive.co.za (Business Day) on 20 August 2015 refers. His musings under the heading “Do not trust all the advice given by professionals” quickly disintegrate into an attack on the so-called insurance salesman. Aside from the piece being an unwarranted attack on the advice profession it contains a number of inaccuracies.
The World Bank Report released in June, placed South Africa as the most over-indebted nation in the world, with 86% of the population in debt. This highlights the critical need for South Africans to better manage their money, and the clear need for better financial education and planning.
If you had to choose one approach to protect your hard-earned investment cash from today’s market madness, which would it be?