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FSCA public warnings

15 April 2021 The Financial Sector Conduct Authority (FSCA)

FSCA issues public warning against Astro Trade Limited

FSCA issues public warning against Astro Trade Limited The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Astro Trade Limited (Astro Trade). The FSCA suspects Astro Trade of conducting unauthorised financial services business and breaching various financial sector laws.

The FSCA received information that Astro Trade is soliciting money from members of the public and promising them high returns. The FSCA confirms that Astro Trade is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advisory and intermediary services.

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.

FSCA issues public warning against Work Your Wealth

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne. The FSCA suspects Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne of conducting unauthorised financial services business and breaching various financial sector laws.

The FSCA received information that Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne are soliciting money from members of the public and promising them high returns. The FSCA confirms that Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advisory and intermediary services.

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.

FSCA warns the public against individuals impersonating T.Rowe Price International Limited

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious of a individuals using a WhatsApp scam impersonating T.Rowe Price International Limited. This operation uses a similar sounding alias - T.Rowe Investment – to execute what is suspected to be unathorised financial services to unsuspecting financial consumers. T.Rowe Price International Limited is a foreign scheme approved to market some of its portfolios in terms of section 65 of the Collective Investment Schemes Control Act (CISCA).

The FSCA received information from Prescient Fund Services (Pty) Ltd, a financial services provider acting as the appointed representative of T.Rowe Price International Limited in South Africa, that an unknown individual/entity has set up a WhatsApp scam pretending to be T.Rowe Price International Limited. The individuals operate as T.Rowe Investment and solicit investments from unsuspecting members of the public. The FSCA warns the public against doing any financial services related business with the individual and/or entity.

T.Rowe Price Investment correspondence states that the company is situated at 7th Floor, Wood Street, Sandton, Johannesburg, South Africa. This is false, as the FSCA’s records indicate that T.Rowe Price International Limited’s physical address are in the United Kingdom (UK).

T.Rowe Price International Limited has confirmed to the FSCA that Prescient Fund Services (Pty) Ltd is acting as the appointed representative in South Africa and that an entity called “T. Rowe Investment” does not correspond with any legal or informal entity name within their Group, and the use of such terminology should be seen as a poor imitation of their company’s brand, logo and likeness.

According to the FSCA’s records, T.Rowe Price Investment is not an authorised FSP; is not a representative of an authorised FSP and there is no record of an application to become an authorised FSP with the FSCA. Therefore, it is not authorised to render financial services as contemplated in the FAIS Act or any other relevant financial sector law.

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 reminds customers 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 https://www.fsca.co.za/Fais/Search_FSP.htm whether such institution or person is authorised to render financial services.

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