The Financial Services Consumer Education Foundation is a non-profit organisation in terms of section 13(5) of the non-profit organisations act, no. 71 of 1997, an independent trust and a public benefit organisation, established by the Financial Services Board (“FSB”) in 2004. Its mandate is to promote and fund financial education programmes. The projects are managed and implemented by the Consumer Education Department of the FSB.
The aim and objectives of the Foundation are to:
- Promote consumer financial education, awareness, confidence and knowledge regarding consumer rights, financial products and services.
- Promote the use of regulated financial services providers to those who do not yet make use of available financial products and services, including the poor and needy.
- Educate pension fund trustees to manage pension funds responsibly and to protect the interests of pension fund members.
- Educate financial service providers on consumer rights.
- Promote the education and information of consumers and financial services providers so as to serve the needs, interests and well-being of the general public. The ultimate beneficiaries of the Foundation are consumers and potential consumers of financial products and services or any category of those consumers identified by the Trustees from time-to-time, having regard to prevailing needs.
Making donations to the foundation;
In 2009 the Foundation was approved for the purposes of section 18A of the Income Tax Act of 1962 by the South African Revenue Services that donations received will be tax deductible and this is a crucial incentive when considering donating to the Foundation. Other benefits of donating are:
- Donors may specify projects for which they wish to support or fund and “ring-fence” that donation to those beneficiaries.
- Donors can earn Broad Based Black Economic Empowerment scorecard points based on the Socio-Economic Development or Access to Financial Services Pillars. The weighting on the pillars is 3 points or 2 points respectively, with a target after tax contribution of 0.3% in 2013 and 0.4% in 2014.
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