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FSB says do not deal with broker Andre van der Merwe

20 April 2010 FSB

In order to protect the interests of consumers, the Financial Services Board (FSB) today, issued a warning to consumers not to conduct financial services business with Andrevan der Merwe (Van der Merwe).

Van der Merwe is rendering financial services without having the requisite licence to do so or without having been appointed as a representative of an authorised financial services provider. Persons rendering financial services without a licence or without being appointed as a representative are acting in contravention of the Financial Advisory and Intermediary Services Act, No. 37 of 2002. Such contravention is an offence which carries, upon conviction, a hefty fine or imprisonment.

On 9 November 2009, subsequent to an inspection conducted into the affairs of Van der Merwe in terms of section 3 of the Inspection of Financial Institutions Act, 1998, the Registrar of Financial Services Providers withdrew Van der Merwe’s authorisation to conduct financial services and debarred him for a period of five years from applying for a new licence.

The FSB advises consumers who wish to conduct financial services business with an institution or person to check beforehand with the FSB on either the toll-free number (0800 110 443) or on the website (http://www.fsb.co.za/) whether or not such institution or person is authorised to render financial services or whether the institution or person is appointed as a representative of an authorised financial services provider.

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