Attorney Michael de Broglio on: South Africa, Law, Politics, Attorneys, Sport, Photography, Technology, Gadgets, Media, Crime, Road Accidents Fund,
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I was quite interested to hear an advert placed by the Financial Services Board on radio the other night. It was the first time I have heard an advert advertising the FSB and what they do, and I do hope that they widen their campaign and advertise more extensively. The FSB regulates financial products in South Africa and simply by dealing with somebody who has an FSB licence, you are likely to already have a higher level of protection and less chance of losing your money than by dealing with somebody without an FSB licence. There are thousands of sharks out there, preying on the ignorant, in particular often the elderly, trying to get them to invest their money in all sorts of products, and in all sorts of dramatic promises of increasing their money 25% or 30% a year and anything that can be done to make people more astute, can only be of great benefit. Of course, people who start saving earlier won’t be as desperate as those who don’t and then succumb to the stories.
Posted by Michael de Broglio on Tuesday 24-Jun-14
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Comments
Jade said:
on Monday 30-Jun-14 04:26 PM
I think it is great that there are bodies that regulates financial products in South Africa.
On the other hand, I strongly believe that if something looks too good to be true, it probably is not true. One should have the common sense to fully investigate something before investing large sums of money.
Jolene said:
on Tuesday 24-Jun-14 04:45 PM
I think it is great that there are people like the FSB who want to help. But if you want to invest your money is better to go to a well-known company and go there yourself (not over the phone, with a consultant at a random place or at your home). I understand that the elderly cant always go but surely they have relatives that can help them. These days you need to be so careful, the scammers just get smarter every day.
Alexis said:
on Tuesday 24-Jun-14 01:40 PM
Have never heard of them myself, but as per others comments - scams are everywhere and they often attack the elderly - they do need to advertise more and get the word out there
Juliet said:
on Tuesday 24-Jun-14 12:26 PM
I will try remember this
Brumilde said:
on Tuesday 24-Jun-14 10:52 AM
I have never heard of them but will keep them in mind in the future. Scams are everywhere indeed, and I agree that the elderly are the targets for them.
Bianca R said:
on Tuesday 24-Jun-14 09:29 AM
I have honestly never head of the FSB however it would make sense to have a board that ensures protection etc. So often the elderly are scammed into investing their hard earned money to be left without a cent. I do believe that they should advertise more and I am sure a lot more people are not even aware that they exist and are there to offer protection.
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!
