The new maximum interest rates do not apply to existing credit cards In May 2016, amendments to the National Credit Act came into effect which set new maximum interest rates which can be charged on a loan based on the repo rate. In many cases this...
Research finds that the tax-free savings account is still misunderstood. If there’s one thing the financial industry is good at, it is complicating things that should be fairly simple. Tax-free savings accounts (TFSAs) were meant to be really...
A landmark ruling by the Constitutional Court on garnishee orders will not be applied retrospectively. Last month, the Constitutional Court issued its ruling relating to emolument attachment orders (known as garnishee orders) in a case that had...
The recent launch of a new product provider that aims to bring a 5G network to the market has raised hope among those South Africans who make significant use of internet services. We take a look at what the new company will offer and what you need...
If you are a Liberty customer you may want to take advantage of discounted shares in the new Liberty property listing. Towards the end of this year Liberty will be listing its premium property portfolio which includes the iconic Sandton City. The...
You don’t have to have a lot of money to invest in order to work with a financial planner. With changes to the way financial advisers are remunerated, some industry commentators believed that it would negatively affect younger investors who do not...
Worldwide, there is increasing interest in second citizenships, especially among business people and the wealthy, including many South Africans. The desire to hold the passport of another country is driven by various factors: you can select the...
By Dave Mohr & Izak Odendaal, Old Mutual Multi-Managers The JSE All Share Index remains trapped within its two-year trading range of between 46 000 and 55 000 points, meaning that dividends and stock picking generated most of the returns for...
by Nthati Khumalo, Tax Compliance Trainee at BDO South Africa The High Court recently held that Mr Julian Brown must submit a response to a SARS lifestyle questionnaire or suffer the consequences. SARS may in terms of the Tax Administration Act...
There is a big difference between knowingly investing in a high-risk technology business and being sold misinformation. I recently wrote about a group of companies: AllQuotes, BuyDirect and MiBiz, which fall under a parent company called FinGroup....
Debt review is not as simple as handing over your bills to a debt counsellor – you have to keep track of your credit provider statements Three years ago Linda (not her real name) and her husband went under debt review. Like so many young couples, the allure of easy...
Money is a big issue for many couples, so much so that it is the main cause of divorce. Yet finding an equitable way to manage the household finances is a bit like finding the holy grail. The main issues for couples around money are: a discrepancy in the amount each...
We recently ran an article on the various options for offshore bank accounts and highlighted foreign currency accounts (FCA) which are effectively on-shore accounts that are linked to your local bank account and have low minimum deposit rates. These could be used, for...
Dr Andrew Dittberner, Chief Investment Officer at Cannon Asset Managers, warns of the danger of confusing “big” with “great”. Conventional wisdom tells us that large, established companies are a safer and better investment option than smaller companies. These “blue...
The financial services industry prepares to empower consumers through its annual Financial Planning Week initiative. The Financial services industry, led by the Financial Planning Institute (FPI), will once again be embarking on its annual Financial Planning Week...
Insiders raise the alarm over the business practices of AllQuotes and BuyDirect. When one receives anonymous tip-offs about unethical business practices, there is always the concern that the information is accurate and not just a disgruntled employee taking a dig. So...
South Africans are well known for treating their cars as status symbols. Car finance figures show that on average, South Africans who are financing their cars tend to buy a new car every three years. Simphiwe Nghona, executive head of Wesbank’s motor division says...
It’s about the income, not the lump sum. I recently received an email from a reader who had taken early retirement and was concerned that the value of his final pension benefit was significantly lower than the amount indicated in his benefit statement six months...
You don’t have to be a high flier to have a foreign currency account or even an offshore bank account which have now become an easily available and relatively affordable option for South Africans who would like to hold some funds offshore. As exchange control has...
Times are tough and even though the inflation rate might be slowing down, prices are still going up. This means your cost of living is only going to increase as the months go by. According to the latest BankservAfrica Disposable Salary (BDSI) data, the average South...