Quick reads for this week

PF highlights the quick reads for this week. Photographer: Armand Hough, Independent Newspapers.

PF highlights the quick reads for this week. Photographer: Armand Hough, Independent Newspapers.

Published Nov 9, 2024

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CGCSA Launches App to Help Consumers Verify Product Authenticity

The Consumer Goods Council of South Africa (CGCSA) is set to develop a new app aimed at helping consumers verify the authenticity of products purchased in-store, online, or at informal markets. The initiative comes in response to misleading claims circulating that any product without a barcode beginning with "600" is fake or illegal.

CGCSA has clarified that this is false information. While products made or packaged in South Africa typically carry barcodes starting with "600," products from other countries will have different prefixes. The presence of a "600" barcode does not guarantee a product’s authenticity, nor does the absence of one mean it is counterfeit, the group said.

Barcodes are assigned to companies based on their GS1 Prefix, which indicates the company’s country of registration, but not necessarily where the product was manufactured. For instance, a Chinese company may sell products made in South Africa.

CGCSA says it urges consumers to follow safe shopping practices, including checking product labels for complete information, buying from trusted retailers, and looking for proper branding and trademarks. Suspicious products should be reported to authorities.

FSCA Imposes penalties on Maudi Martin Lentsoane and Lehumo Securities

The Financial Sector Conduct Authority (FSCA) has taken regulatory action against Mr. Maudi Martin Lentsoane and Lehumo Securities (Pty) Ltd, imposing a joint administrative penalty of R1 million. In addition, Mr. Lentsoane has been debarred from the financial services industry for 12 years.

The FSCA says this follows an investigation into complaints from Lehumo Securities’ clients, who reported not receiving their funds after submitting withdrawal requests.

The regulator says as a result of the investigation, it has permanently revoked Lehumo Securities’ financial services license, effectively prohibiting the firm from providing financial services. The inquiry revealed that Mr. Lentsoane directed Lehumo Securities to engage in financial services requiring a Category II license, which they did not possess. Further violations included breaches of several provisions under the Financial Advisory and Intermediary Services Act (FAIS Act) and other related regulations, including:

  • Non-compliance with the Fit and Proper Requirements
  • Violations of the General Code of Conduct for Financial Services Providers
  • Contravention of the Financial Institutions (Protection of Funds) Act
  • As a consequence, Mr. Lentsoane is now barred from providing or overseeing financial services.

MTN Donates R250,000 to Gift of the Givers to aid Eastern Cape flood victims

The MTN SA Foundation has donated R250,000 to Gift of the Givers to assist with flood relief efforts in the Eastern Cape. The donation will help purchase and distribute essential food parcels to affected communities, with distribution already underway and set to conclude this week.

This initiative is being carried out in partnership with the Nelson Mandela Metro Municipality, with key participation from Mayor Babalwa Lobishe and Yolisa Pali, the Member of the Mayoral Committee for Corporate Services.

Arthur Mukhuvha, General Manager of the MTN SA Foundation, highlighted the ongoing collaboration with Gift of the Givers, which has supported various communities impacted by severe storms, floods, and tornadoes across the country, including in the Western Cape, Limpopo, KwaZulu-Natal, and Eastern Cape.

“We take pride in being able to allocate our resources and collaborate with our chosen partners to alleviate the hardships faced by these communities and assist them in not only rebuilding but also forging brighter and more hopeful futures," Mukhuvha says.

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