FSB comments on Wealth Hub Scheme

28 May 2015 FSB

The Financial Services Board (FSB) has noted with concern the interview that was conducted on Radio 702 with Dr Ngoato Takalo, regarding the Wealth Hub scheme that she is a CEO and director of.

When asked if the scheme is legal and whether she “has been to the Financial Services Board”, Dr Takalo replied that: “We have been everywhere, even to the NCR we have asked advice…”

The Registrar of Financial Service Providers is concerned that this statement gives an impression that the scheme is registered with the FSB as an authorised Financial Service Provider (FSP). More so, the FSB has received numerous queries from the media as to the legitimacy of the scheme and whether it falls within the description of a pyramid scheme.

The Registrar therefore wishes to state that the scheme is not registered with the FSB and its business dealings fall outside the regulatory net of the FSB.

As with all such queries that fall outside of the regulatory net of the FSB, these queries have been forwarded to the South African Reserve Bank, which is duly authorised to investigate and take appropriate action if any wrong doing is established.

We also found no record of the ‘founders’ of this scheme; Dr Ngoato Takalo, Dr Lizette Kleynhans and Stefan Minnaar, being registered as key persons of any authorised FSP.

Investors or consumers who are lured into such schemes carry the risk and obligation to enquire into the merits of the investment before parting with any money.
Please check if the entity or scheme you are dealing with is a registered financial services provider, on the FSB website or call the FSB’s Call Centre on 0800 110 443.

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