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FSCA issues public warning against Ibhunga Le Silo – Afrika Burial Group

25 March 2021 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) warns the public against conducting financial services business with Ibhunga Le Silo – Afrika Burial Group (“Afrika Burial Group”), Mr Malibongwe Michael Kedama (“Mr Kedama”) and Ms Ncumisa DingiswayoKedama (“Ms Dingiswayo-Kedama”).

The FSCA has received information that Afrika Burial Group, Mr Kedama and Ms Dingiswayo-Kedama are conducting unregistered business and misrepresenting themselves as underwritten by Liberty Group Limited (“Liberty”).

Afrika Burial Group, Mr Kedama and Ms Dingiswayo-Kedama are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services. Liberty has confirmed that it is not linked in any business relationship with Afrika Burial Group.

Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature. The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services.

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QUESTION

Financial behaviour experts suggest that today’s risk modelling methodologies ignore your client’s emotional ability / behavioural capacity. What are your thoughts on spicing up risk profiling tools to make allowance for your client’s financial behaviours

ANSWER

[a] Bring it on; my client’s make too many irrational financial decisions
[b] Existing risk profiling tools are adequate
[c] Risk profiling tools should be based on the model / rational client
[d] The perfect risk profiling tool is science fiction
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