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PERSONAL FINANCE: The news you need to know!

By Staff Reporter Time of article published Apr 16, 2019

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Each week Personal Finance will give you a snapshot of the news you need to know to help your bank balance grow. 

Be wary of Marang DC Burial Society, says FSCA

The Financial Sector Conduct Authority (FSCA) warns you to act with caution when dealing with Marang DC Burial Society which, it says, is not authorised to render financial advice and intermediary services under the Financial Advisory and Intermediary Services (FAIS) Act.

The FSCA has received information that a certain Tumi Cholo is purporting to act for the burial society and collecting premiums from the public. It says the burial society is conducting unregistered business and providing financial services without the necessary authorisation.

The FSCA reminds you to check beforehand, on either its toll-free number (0800110 443) or whether or not an organisation or individual you intend dealing with is authorised to render financial services.

S&P launches index based on ESG criteria

International financial index provider S&P Dow Jones Indices (S&P DJI) this week launched the S&P500 ESG Index. The index comprises companies selected according to environmental, social and governance (ESG) criteria, and is essentially an ESG version of the iconic S&P500, which tracks 500 of the largest listed companies in the US.

S&P DJI has also introduced the S&P DJI ESG Scores, which, apart from being used to compile the index, are available as a standalone tool for a range of research, indexing and investment purposes. In the coming months, S&P DJI will launch a global family of ESG indices based on its other regional and country-specific large- and mid-cap indices.

“S&P Dow Jones Indices pioneered ESG indexing over 20 years ago with the 1999 launch of the Dow Jones Sustainability World Index, ” said Alex Matturri, the chief executive of S&P DJI.

South African Bank of Athens is now Grobank

The former South African Bank of Athens has repositioned itself as a new banking entity: Grobank.

Last October, GroCapital Holdings, supported by its shareholders, AFGRI Group Holdings, Fairfax Africa and the Public Investment Corporation, obtained all the regulatory approvals for the acquisition of the South African Bank of Athens. The bank has been operating in South Africa since 1947.

Grobank is positioning itself to focus on supporting the food and agriculture value chain in South Africa, comprising businesses ranging from farms to food manufacturers, retailers, transporters, and importers/exporters.

Sars migrating to a new hosting platform

The South African Revenue Service (Sars) is migrating to a new hosting platform for its electronic services.

The migration began last week and is expected to be completed by Tuesday at 6am.

The platform features the latest technology and includes a refresh of Sars’s hardware and software.

During the migration, the following systems will be affected:

  • eFiling and the eFiling app, including registrations, filing, payment and the functionality to upload supporting documents;
  • [email protected] Employer, including the functionality to upload customs supporting documents; and
  • The Sars website.

The Customs Electronic Data Interchange gateway, which is the primary electronic channel used by customs clients to communicate with Sars, will not be affected.


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