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FSB warns the public against NaxaInvest

25 April 2013 FSB

The Financial Services Board (FSB) would like to warn the public not to conduct financial services business with NaxaInvest.

NaxaInvest is not authorised as a financial services provider and is not a representative of an authorised financial services provider. Persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the Financial Advisory and Intermediary Services Act, 37 of 2002. Such contravention is an offence which carries a heavy fine or period of imprisonment.

According to the records of the FSB, NaxaInvest has not applied for a licence to be authorised as a financial services provider. The entity was also never inspected by the FSB.

The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800110 443) or on the website www.fsb.co.za as to whether or not such institution or person is authorised to render financial services.

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