#ICYMI: Your Personal Finance weekly update

By Staff Reporter Time of article published Aug 19, 2019

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75% of discovery births were caesarean sections

Three out of four women on Discovery Health Medical Scheme (DHMS) who gave birth last year had a Caesarean-section birth, against only one in four having a natural birth, according to the scheme’s latest maternity claims data. Discovery reports that there were 38194 deliveries on its medical scheme in 2018. Of these, 9641 (25%) were for natural births (vaginal deliveries) and 28553 (75%) were for Caesarean deliveries.

The average cost of a natural birth was R24 866, with an average of hospital stay of 2.7 days. Caesarean deliveries cost R43 726, on average, with an average hospital stay of 3.8 days. The total amount paid by DHMS for deliveries last year was R1.5 billion.

The scheme is South Africa’s largest open medical scheme, with a membership of 2.8 million at the end of 2018.

Decline in FNB customers disputing debit orders

First National Bank (FNB) says debit-order disputes by its customers have decreased by 40% from pre-festive season levels. In February, the bank announced its participation in a range of industry measures to combat debit-order fraud. These included banning identified fraudulent users, the investigation and prosecution of offenders and the implementation of strict governance around the acceptance of users and third-party payment providers.

Dr Christoph Nieuwoudt, the chief executive of FNB Consumer, says: “We are pleased to see that debit-order disputes among our customers have reduced from heightened levels recorded between December 2018 and February 2019. While we can never be complacent, enhanced monitoring is in place to flag suspected fraudulent users, indicating the current levels of disputes may be mostly contractual disputes and money management, as opposed to outright fraud.”

Warning against Guarantee Trust Fund or Inhalt Communications Group

The financial Sector Conduct Authority (FSCA) warns against doing business with Guarantee Trust Fund or Inhalt Communications Group.

* Guarantee Trust Fund, the FSCA says, is not authorised in terms of the Financial Advisory and Intermediary Services (FAIS) Act to render any financial advice and intermediary services. It says it received information that Guarantee Trust Fund is using a fake certificate, which was purportedly issued by the FSCA’s predecessor, the Financial Services Board, in 2006. The claim is false, and the FSCA says it believes Guarantee Trust Fund is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.

* Inhalt Communications Group, trading as Inhalt Markets, had its financial services provider licence withdrawn because it failed to adhere to its licensing conditions, the FSCA says. It is therefore not authorised in terms of the FAIS Act to render any financial advice and intermediary services. The FSCA says Inhalt Markets is falsely claiming to be an FSCA-approved forex broker and trading platform.

Check with the FSCA on either 0800110443 (toll-free) or the website whether any entity or individual you intend to deal with is an authorised financial services provider.


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