2: Know Your Ombud Episode 2: What to do if your financial institution does not treat you fairly
Know your Ombud is a series of conversations aimed at helping consumers of financial services understand their rights and where to go if they are not treated fairly.
In this episode of "Know Your Ombud," host Maya Fisher-French sits down with Reana Steyn, the head Ombud and CEO of the amalgamated National Financial Ombud (NFO), to discuss the significant changes in the financial Ombud landscape following the establishment of the National Financial Ombud Scheme. Reana shares insights on how this new single scheme aims to simplify the process for consumers, consolidating four previously separate Ombud schemes into one streamlined organisation.
Listeners will learn about the various types of complaints that can be addressed by the Ombud, the importance of initiating a complaint with the financial institution first, and the critical role of the Ombud in resolving disputes effectively. Reana emphasises that the Ombud service is free of charge, providing consumers with access to legal expertise without the need for costly lawyers.
The conversation also touches on the fairness jurisdiction of the Ombud, which allows for a broader interpretation of consumer rights beyond just the legal contract. Reana explains how the Ombud can advocate for systemic changes within financial institutions, ensuring that consumer interests are protected and that unfair practices are addressed.
Join Maya and Reana as they delve into the workings of the Ombud system, encouraging listeners to utilise this invaluable resource for resolving financial disputes and advocating for their rights. Remember, the Ombud is here to help you, so don't hesitate to reach out if you have a complaint!
If you feel let down by a financial provider, contact one of these trusted schemes:
Ombud for Financial Services Providers (FAIS) for financial advice disputes: faisombud.co.za
Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes: pfa.org.za
JSE Ombud for JSE-related issues: jse.co.za
National Financial Ombud Scheme (NFO) for banking, credit, and insurance: nfosa.co.za
This series was created in partnership with The Ombud Council.
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19:20
1: Know your Ombud Episode 1: Who oversees the Ombuds?
Know your Ombud is a series of conversations aimed at helping consumers of financial services understand their rights and where to go if they are not treated fairly.
The financial Ombud schemes include the National Financial Ombud, the FAIS Ombud, the JSE Ombud and the Pension Funds Adjudicator, which are all overseen by the Ombud Council. Lodging a complaint with an Ombud is free and you do not have to appoint a lawyer.
In each episode, we speak to key persons from the ombud system to understand the cases they deal with and how the Ombud adjudicates complaints. We examine cases where the Ombud has ruled in favour of the consumer and those that go in favour of the financial institution.
In this introductory episode we interview Leanne Jackson, the CEO of the Ombud Council to understand how the financial Ombud system works in South Africa.
There have been significant changes since the establishment of the Ombud Council, which is the regulatory body that oversees the various financial Ombud schemes.
In this episode Leanne and Maya discuss the role of the Ombud Council but also how the Ombud schemes apply the principles of Treating Customers Fairly. This goes beyond just the legal contract and looks at whether the contract or treatment of the consumer was fundamentally fair. It also highlights the importance of consumers using the Ombud system which can lead to systemic changes in the financial sector.
If you feel let down by a financial provider, contact one of these trusted schemes:
Ombud for Financial Services Providers (FAIS) for financial advice disputes – faisombud.co.za
Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes – pfa.org.za
JSE Ombud for JSE-related issues – jse.co.za
National Financial Ombud Scheme (NFO) for banking, credit, and insurance – nfosa.co.za
This series was created in partnership with The Ombud Council.
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17:25
Decoding insurance: What you need to know about your policies
In the latest episode of our podcast, host Maya Fisher French engages in an open and honest discussion about insurance, particularly focusing on long-term insurance and the often-overlooked area of employee benefits. Joined by certified financial planners Bryan Nicol and Johann Peens, the episode dives deep into the complexities of insurance coverage, highlighting the importance of understanding what you have vs what you actually need.
Most people have some form of long-term insurance, even if it is just through their company, but few understand what it covers and whether it is the right type of insurance for their needs.
Are you over-insured? Does your company provide life insurance and how does that work? Do you understand your premium pattern? Are you going to be able to afford your premiums in ten years' time?
Listen to this podcast, where we explain how insurance works and the right questions you should ask your employer and your financial adviser.
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55:48
From Tax Tables to Tax Breaks: How to make smart tax decisions
In this episode of "My Money, My Lifestyle," host Maya Fisher-French welcomes tax expert Andre Bothma to discuss the implications of recent tax proposals on personal finances as the new tax year begins.
Maya and Andre explore the concept of fiscal drag, where taxpayers find themselves paying more due to the lack of inflation adjustments in tax tables. They clarify common misconceptions about salary increases and tax brackets, emphasizing that the tax implication of earning more should not stop you from taking a salary increase. The conversation also touches on existing wealth taxes in South Africa, the impact of capital gains tax, and the notion that middle-class individuals often bear the brunt of tax burdens.
Listeners will gain insights into the complexities of tax compliance, the importance of making informed financial decisions without letting tax implications dictate choices, and the potential consequences of not adapting tax legislation to accommodate the growing self-employed and freelance workforce.
Join Maya and Andre as they unpack these pressing financial topics, providing listeners with valuable information to navigate their personal tax situations effectively.
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42:09
Unpacking the Budget: Taxes, Spending, and What It Means for You
In this episode of "My Money, My Lifestyle," host Maya Fisher-French engages in a deep dive into the complexities of the national budget and its implications for taxpayers with Chris Axelson, the acting head of tax and financial sector policy at National Treasury. As the government navigates the contentious landscape of tax collection, Axelson sheds light on the recent adjustments to the budget, including a shift from an ambitious VAT increase to more modest measures aimed at generating 28 billion rand in revenue.
They explore the delicate balance between raising taxes and maintaining economic growth. They discuss the implications of various tax instruments, such as personal income tax, corporate tax, and VAT, and how these decisions are made amidst pressures from both revenue needs and household impacts. Axelson explains the concept of fiscal drag and how it effectively raises personal taxes without changing rates, often leaving taxpayers unaware of the increase.
Listeners will gain insights into the priorities for the additional tax revenue, including funding for essential services such as education and healthcare, as well as the challenges of addressing corruption and inefficiencies within government spending. Chris also addresses the importance of tax compliance and the role of SARS in improving revenue collection.
Join Maya and Chris Axelson as they unpack these critical financial topics, providing listeners with a clearer understanding of how budget decisions affect their wallets and the broader economy.
1. Overview of the national budget and tax implications
2. The shift from VAT increase to alternative revenue measures
3. Understanding fiscal drag and its impact on personal taxes
4. Balancing tax increases with economic growth
5. Priorities for additional tax revenue allocation
6. The role of SARS in improving tax compliance
7. The complexities of government spending reviews
This podcast is in partnership with National Treasury.
Talking all things money. Maya Fisher-French discusses the do’s and don’ts when it comes to your finances. To join the conversation send me an email via https://mayaonmoney.co.za/contact/
South Africa