The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when doing any financial services business with an entity called The Wealth Club. The FSCA has received information that The Wealth Club is conducting unregistered business and misrepresenting itself as part of 377 ROA Capital (Pty) Ltd; FSP No: 46168 (377 ROA Capital).
According to information received, The Wealth Club is soliciting money from members of the public and promising them unrealistic returns. The FSCA points out that The Wealth Club is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services. 377 ROA Capital has confirmed that it is not linked in any business relationship with The Wealth Club.
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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