My Money My Lifestyle

• 7: Know your Ombud Episode 7: Overseeing the quality of advice

  What is good advice? In this episode of "Know Your Ombud," host Maya Fisher-French interviews John Simpson, the FAIS Ombud, about how his office protects consumers when financial advice goes wrong – and what you need to know to protect yourself. Real-Life Cases Simpson shares several cases that illustrate how the FAIS Ombud holds financial advisers to a much higher standard. Advisers cannot assume a client understands the product, and any critical clauses or require specific action by the client must be highlighted by the adviser: ·       Why the Ombud ordered financial advisors to pay the clients' insurance claim after failing to mention one critical insurance requirement •             An adviser is held responsible for his client having the wrong insurance for his Uber business •             Why bad tax advice meant an adviser was responsible for his client's R85 000 tax bill When Advisers Get It Right (And Wrong) The podcast doesn’t just highlight adviser failures. Simpson provides a balanced perspective on what quality financial advice should look like and when consumers must take responsibility for their own decisions – particularly in high-risk areas like forex trading where up to 70% of retail investors lose money. Your Financial Rights Simpson explains how the FAIS Ombud process works:  ·       How to file a complaint if you’ve received poor financial advice ·       What special protections exist for vulnerable consumers ·       The limitations of the Ombud’s authority and when they can’t help Protect Yourself Simpson provides straightforward advice on how to verify your adviser’s credentials, what questions to ask before signing any financial agreement, and the simple Google search that could save you from financial disaster. Whether you’re planning for retirement, buying insurance, or considering investments, this podcast provides essential knowledge about your rights and how to protect your financial future. Listen now to arm yourself with insider information from the very authority tasked with overseeing the quality of financial advice in South Africa. If you feel let down by a financial provider, contact one of these Ombud schemes: - FAIS Ombud for financial advice disputes – faisombud.co.za - Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes – pfa.org.za - JSE Ombud: 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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• S2 Ep2: Money Bootcamp: How to ace your taxes

  As we dive into July, many of us feel the familiar pang of anxiety that accompanies tax season. In our latest episode, we tackle the ins and outs of tax filing. Joined by tax expert Andre Bothma, we explore why tax can feel overwhelming and how to navigate the process with confidence. One of the key topics discussed is the concept of auto assessments introduced by SARS (South African Revenue Service). If you're employed and earning an income, you may receive an auto-assessment, a pre-filled tax return that simplifies the filing process. However, as Andre points out, just because you receive one doesn't mean you should trust it blindly. It is essential to review the details, as mistakes can lead to missed deductions or incorrect refunds. For students and freelancers, the conversation shifts to the importance of filing even if your income is small. Many young people, especially those working in creative fields or part-time jobs, may not realise that they are required to file a return, particularly if tax has been deducted from their earnings. Filing a return can lead to a refund, making it a crucial step in managing your finances. Throughout the episode, we also discuss the significance of understanding your status as a provisional taxpayer. This designation applies to those earning income without pay-as-you-earn deductions, such as rental income or freelance work. Andre emphasises the importance of being aware of deadlines and the potential penalties for late submissions, which can add unnecessary stress to an already daunting process. Moreover, we delve into the various deductions available to individuals, from retirement annuities to business expenses. Understanding what you can claim is vital in reducing your taxable income and ensuring compliance with tax laws. As we wrap up the episode, Andre provides practical advice on engaging with SARS and familiarising yourself with the e-filing system. He reassures listeners that while tax season can be intimidating, with the right knowledge and support, it can become a manageable task. If you’re looking to take control of your financial future, this episode is a must-listen. Tune in to gain insights that will empower you to tackle tax season head-on and alleviate some of the anxiety surrounding personal finance.

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• 6: Know your Ombud Episode 6: Death and Disability claims not adding up?

  In this episode of "Know Your Ombud," we examine the complexities of long-term insurance and the common complaints the Ombud receives. Host Maya Fisher-French chats to Sonya Marais, Senior Adjudicator for the Life Insurance Division of the National Financial Ombud (NFO), about the intricacies of insurance claims, particularly focusing on the challenges surrounding non-payment of claims and non-disclosure. Sonya explains the distinction between advice-related issues and product failures, and how these factors influence the adjudication process. Listeners will hear case studies, including an example of a driver who lost his eyesight and faced rejection of his claim due to the insurer's interpretation of disability. Sonya explains the Ombud's role in evaluating the fairness of such decisions, emphasising the importance of understanding the terms and conditions of insurance policies. The conversation also addresses the often-overlooked nuances of funeral policies and why you cannot take out funeral cover on someone who is not directly related to you. They also discuss the potential for fraud in the industry.  Join Maya and Sonya as they navigate the challenges faced by consumers in the long-term insurance landscape, reinforcing the message that the Ombud service is a free and accessible resource for those seeking resolution in their insurance disputes. Remember, understanding your rights and responsibilities is key to ensuring fair treatment in the financial services sector. If you feel let down by a financial provider, contact one of these Ombud schemes: - FAIS Ombud for financial advice disputes – faisombud.co.za - Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes – pfa.org.za - JSE Ombud: 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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• 1: Retirement Reimagined Episode 1: How prepared are South Africans for retirement?

  Welcome to the first episode of “Retirement Reimagined,” a series of conversations exploring the latest FNB Retirement Survey and what it reveals about the average South African’s preparedness and attitude towards retirement. In the first episode of our series, we investigate the findings of the 2024 FNB Retirement Survey with Samukelo Zwane: Product Head, FNB Wealth and Investments and Bheki Mkhize: CEO FNB Wealth and Investments. One of the standout findings from the survey is that approximately 60% of respondents claim to have a retirement plan in place. While this figure seems promising, a deeper analysis uncovers that only 25% of these individuals have a retirement annuity, indicating a potential gap in effective retirement planning.  The survey also highlights that many people begin thinking about retirement much earlier than previous generations, with some starting as young as 27. This shift suggests a growing awareness of the importance of retirement planning among younger South Africans. However, the survey also reveals a troubling reality: only 10% of retirees can truly claim to have retired comfortably, with the majority lacking sufficient funds to cover their basic needs. This discrepancy raises critical questions about the effectiveness of current retirement strategies and the need for better financial education and advice. As we explore the attitudes of those over 60, it becomes evident that many are not fully retiring but rather seeking secondary careers or part-time work to supplement their income. This trend reflects a broader cultural shift in how we view retirement, not as a time to relax but as a phase to remain active and engaged. The episode also addresses the anxiety surrounding retirement planning. Many individuals feel overwhelmed by the complexities of saving and investing for retirement. The survey indicates that access to financial advice significantly reduces this anxiety, underscoring the importance of guidance in navigating retirement options. Looking ahead, we will continue to unpack these themes in future episodes. We will explore whether retirement planning is becoming a luxury and how rising living costs affect our ability to save for the future. Join us on this journey to better understand and prepare for retirement, ensuring that we can all look forward to a secure and fulfilling future. This podcast series was created in partnership with FNB.

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• 5: Know Your Ombud Episode 5: General & personal insurance unravelled

  In this episode of "Know Your Ombud," host Maya Fisher-French engages with Edite Teixeira-Mckinon, the lead Ombud for non-life insurance, to understand the intricacies of short-term insurance and the common complaints consumers face. This episode aims to empower listeners with essential knowledge about their rights and the processes involved in lodging complaints against insurers. Maya and Edite discuss the various types of insurance policies under the non-life umbrella, including motor vehicle, home contents, and pet insurance. They delve into the most frequent complaints, particularly those related to motor vehicle insurance, and the complexities of insured values and shortfall insurance. Edite explains how understanding policy details can be crucial in avoiding disputes and ensuring fair treatment. Listeners will hear about real cases that highlight the importance of clarity in policy terms and the challenges consumers face when claims are rejected. Edite shares insights on the prevalence of complaints regarding mechanical warranties and the impact of recent events like COVID-19 on insurance trends. The episode also addresses the concept of recklessness in driving and how it can affect insurance claims. Edite emphasises the importance of being honest and transparent when filing claims, as misrepresentation can lead to the denial of coverage. The discussion serves as a reminder that consumers must actively engage with their insurance policies to fully understand their rights and obligations. Join Maya and Edite as they navigate the world of short-term insurance, providing listeners with valuable tips on how to protect themselves and ensure they receive the coverage they expect. Remember, the Ombud service is free and accessible, so don’t hesitate to reach out if you feel you've been treated unfairly! If you feel let down by a financial service provider, you can contact the appropriate ombud scheme via the links below: Ombud for Financial Services Providers (FAIS Ombud): Disputes related to financial advice Office of the Pension Funds Adjudicator (OPFA): Disputes related to pension funds JSE Ombud: Disputes related to the JSE National Financial Ombud Scheme (NFO): Disputes related to banking, credit, and insurance This podcast series was created in partnership with The Ombud Council.

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