In Personal Finance on 1 Sept
News from Independent Online:

PF

Illustration: Colin Daniel

National Treasury has identified some “scandalous” practices in the retirement industry that must be rooted out urgently to bolster your savings. Rather than wait for broader reforms of the retirement industry to be finalised, Treasury has lined up a series of issues that will be the subject of discussion documents, which will be released shortly, a senior official told Parliament. Meanwhile, Parliament has indicated that it will call the Financial Services Board, which regulates how your savings are invested, to account for recent failures to protect investors. Read more about the measures that could protect and enhance your nest egg in Personal Finance.

Also in our weekend print edition:

* Do you have what it takes to be a DIY investor?

* Fund members told “not to worry” about potential R60-million loss.

Personal Finance is published every Saturday in the Pretoria News Weekend, the Saturday Star, The Independent on Saturday and the Weekend Argus.

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Related News:

Personal Finance: Seniors Victims of Financial Deceit
News from The Ledger:

Published: Wednesday, August 29, 2012 at 10:40 p.m.
Last Modified: Wednesday, August 29, 2012 at 10:40 p.m.

Baltimore police arrested five people last week accused of impersonating city tax collectors and going to the homes of elderly residents to rob them.

These are disturbing allegations. But apparently, scam artists who pretend to have ties to the government so they can take advantage of older consumers aren’t all that rare.

That’s what senior advocates are telling the Consumer Financial Protection Bureau, which has a mandate to promote financial literacy among those 62 and older and protect them from fraud and abuse.

Since mid-June, the CFPB has been gathering public input on the financial exploitation of older Americans. It received more than 750 comments by last week’s deadline.

Consumer advocates submitted reports on a wide range of the abuses they’ve witnessed, including con artists pretending to be affiliated with the government in a ploy to sell investments. Often, though, it’s not a stranger ripping off seniors but a trusted family member, caregiver or financial adviser.

“It’s a very difficult message,” said Sally Hurme, an elder law attorney with AARP. “How do you tell seniors the person most likely to rip you off is your son and daughter?”

The CFPB says it will use the comments…………… continues on The Ledger

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