The Financial Services Board (FSB) would like to warn the public not to conduct financial services business or invest funds with State Life (Pty) Ltd (State Life) and/ or its representative and key individual Mr Thapelo Jacob Macholo (FSB NO: 41897).
State Life‘s FAIS licence was withdrawn on 30 May 2015. Due to the withdrawal of the licence, State Life is prohibited from rendering financial services in terms of Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act).
It has been brought to the FSB‘s attention that State Life is operating from the following address: No 5 Elizabeth Street, Elizabeth Street Complex, Welkom in the Free State Province, despite its licence having been withdrawn. It is the FSB’s view that the above-mentioned entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation. Persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the FAIS Act. Such contravention is an offence which carries a heavy fine or period of imprisonment.
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 (0800 110 443) or on the website www.fsb.co.za as to whether such institution or person is authorised to render financial services.
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