FSB issues warning against Fraser Mackie Wealth Management

The Registrar of Financial Services Providers (“the Registrar”) would like to warn the members of the public to exercise caution when dealing with Fraser Mackie Wealth Management (FMWM) which is based in Santo Domingo, in the Dominican Republic. It has been brought to the FSB’s attention that FMWM solicits South African citizens for “investments opportunities” with the promise of huge returns (up to double the initial “investment”). FMWM is not authorised as a financial services provider and therefore is not allowed to render financial services in South Africa. The public is therefore warned against dealing with FMWM in any matter relating to the rendering of financial services.

Consumers are encouraged to check that the person or company they are purchasing a financial product or service from is authorised to sell or render the financial service.

This can be done by calling the FSB’s Call Centre on 0800202087 or 0800110443 to check whether the entity you are dealing with is an FSP and whether they are authorised to sell the financial product or render the financial services you are buying.