Frequently asked questions

Smart About Money welcomes your suggestions on questions you would like to see answered on this page. Unfortunately, we cannot answer questions about your individual circumstances, but we will publish answers to general questions that are useful to many readers. Please send your questions to editor@smartaboutmoney.co.za


Q

I haven’t started saving for retirement. Is it too late?

A

It is never too late, but you may have to adjust your post-retirement lifestyle expectations or delay your retirement if you have not saved enough. The sooner you start saving for your retirement, the more your money can work for you by compounding over the years. The later you start, the less time your money will have to work for you and the more you will have to contribute. 

Most retirement fund contribution rates are set on the proviso that you save for 30 or 40 years to provide a pension of between 60% and 75% of your final salary. Even if you have not achieved this, whatever you save as soon as possible will make things easier for you if you need to work less or your health fails later in life.

Q

How do I find out about a long-term insurance policy issued by a life insurer that no longer exists?

A

You can consult this list of dormant insurers published by Astute, the electronic exchange that advisers use to get details of your insurance policies, to see if the business was transferred to a new insurer: https://www.astutefse.com/Online/Content/Documents/CCP/DormantLifeAssurer.pdf.

Q

Where do I take a complaint about an insurer?

A

If your complaint is about a long-term insurance policy for death, disability, severe illness, credit life or group life, you should approach:

The Ombudsman for Long-term Insurance

Call: 0860 103 236
Email: info@ombud.co.za
Website: www.ombud.co.za

 

If your complaint is about an insurer who insures your home, household contents, vehicle or cell phone, you should approach:

The Ombudsman for Short-term Insurance
Call: 0860 726 890
Email: info@osti.co.za
Website: www.osti.co.za

 

Q

Where do I take a complaint about my retirement fund?

A

Complaints about pension funds, provident funds, retirement annuities or preservation funds should be taken to:

The Pension Funds Adjudicator
Call: 012 748 4000 or 012 346 1738
Email: enquiries@pfa.org.za
Website: www.pfa.org.za

Q

Where do I take a complaint about my financial adviser?

A

If you believe that you have incurred a loss as a result of bad advice or an adviser’s negligence you can complain to:

The  Ombud for Financial Services Providers (FAIS Ombud)
Call: 012 762 5000
Email: info@faisombud.co.za
Website: www.faisombud.co.za

Q

Where do I take a complaint about my bank?

A

Complaints about banks and their products should be taken to:
The Ombudsman for Banking Services
Call: 0860 800 900
Email: info@obssa.co.za
Website: www.obssa.co.za

Q

Where do I take a complaint about a loan or credit agreement?

A

Complaints about credit agreements and loans granted by credit providers should be taken to:
The National Credit Regulator
Call: 0860 627 627
Email: complaints@ncr.org.za
Website: www.ncr.org.za

Q

Where do I take a complaint about information listed on my credit record?

A

If you have a dispute with a credit regulator or a complaint about information listed about you by credit bureaus, you can turn to:
The Credit Ombud
Call: 0861 662 837
Email: ombud@creditombud.org.za.
Website: www.creditombud.org.za.

Q

Where do I take a complaint about my medical scheme?

A

Complaints about medical schemes should be taken to:
The Council for Medical Schemes
Call 0861 123 267
Email: complaints@medicalschemes.com
Website: www.medicalschemes.com

Q

Where do I take a complaint about bad service from the South African Revenue Service?

A

Complaints about administrative and procedural matters concerning the South African Revenue Service should be directed to:
The Tax Ombud
Call 0800 662 837
Email: complaints@taxombud.gov.za
Website: www.taxombud.gov.za