In terms of the new National Credit Act, insurance companies, under prescribed conditions, can access consumer credit information to assess applications for insurance. However, consumers must give their consent before an insurance company is allowed to pull their credit data from credit bureaux for insurance assessment purposes.

With lower total returns expected across all asset classes for the next three to five years and people living in retirement far longer, investors looking for inflation-beating returns would be wise to consider allocating a higher proportion of their savings to growth assets, like equities.

The South African Revenue Service (Sars) has cautioned taxpayers not to be misled by irresponsible tax advice when they complete and submit their income-tax returns. Sars has taken note of public calls from certain lobby groups who are advising people incorrectly on how to complete their tax returns in a manner of protest.

The National Credit Act means that lenders need to be more circumspect about granting debt, but this doesn’t absolve consumers from taking responsibility for their own financial affairs. "You can still get into trouble if you aren’t careful about managing your financial affairs," says ICE spokesperson Paul Maggott.