Moneysmart, South Africa's free online personal finance platform, is now an authorised and registered financial services provider after successfully applying to the Financial Services Board.
The FSB license comes on top of moneysmart already having been certified by three E-security companies, TRUSTe, McAfee and VeriSign.
"Although moneysmart does not render financial advice directly to customers - but instead via participating insurance & investment companies and banks - as responsible entrepreneurs in the South African personal finance space we believe our users should be treated with the same protection and professionalism that the FSB requires of a bank or insurance company," says moneysmart CEO Tobie Van Zyl.
"At the same time the new approval assures complete security of use for our users and that financial services products rendered on moneysmart are ethical and abide by the Regulator's rules."
South Africa's largest online personal finance platform, moneysmart empowers users to take control of their finances by increasing their financial literacy and providing them with a comprehensive financial overview, allowing for financial goal-setting and clear budgeting.
On moneysmart's online community, users can also engage with experts on good financial management habits while the platform will be opening up an exclusive, filtered channel for select financial service product providers in the near future.
"moneysmart helps our users save money by revealing ways to bank smarter, invest smarter, finance smarter, insure smarter and buy smarter - and we want to attract only the best providers to promote financial products and services with which to educate our users," adds Tobie Van Zyl.
The FSB governs financial activities performed by all companies in the finance sector, including Insurance, Investments, Banking, Accounting and Advisory services, ensuring Financial Institutions and professionals adhere to a code of conduct.
Included in the code is the stipulation that financial advice is practiced with a good intention to further a client's financial wellbeing and that services and financial products adhere to a client or user's needs as opposed to hard-selling.
The moneysmart company also places emphasis on its directors and key individuals keeping abreast with the FSB's requirements and educates all employees and strategic partners with values adhering to the FSB laws.