Consumer Information
Consumer Education forms part of Series FS 500 in the amended Financial Sector Code which provides the general principles for measuring the Socio-Economic Development and Consumer Education Element.
Contribution towards consumer education, by measured entities, entitles the entity to 2 points in the scorecard. The Annual Value of all Qualifying Consumer Education contributions by the measures entity as a percentage of Net Income After Tax (NPAT) is 0.4%.
Consumer Education Guidance Note: GN500 provides guidelines on what is acceptable as far as consumer education projects are concerned, for the measured entity to earn full points. The Guidance Note focuses on:
- The target market.
- Types of consumer education initiatives (interactive vs. awareness).
- Consumer Education Standards.
For the past 15 year, the SAIA Consumer Education Fund has been actively creating avenues in which SAIA members can contribute towards a centralised consumer education strategy for greater reach and impact. SAIA members have an option of contributing 50% to 100% of their Consumer Education funds to the SAIA Consumer Education Fund. Members receive confirmation in order to earn B-BBEE points.