FSCA retracts and clarifies warning against PrestMarine

The Financial Sector Conduct Authority (FSCA) has previously warned the public to act with caution when dealing with an entity called PrestMarine/ Marine and Air Freight Cargo Insurance. In the statement, the FSCA indicated that PrestMarine was not associated with PrestGroup (Pty) Ltd and was therefore conducting unregistered business. This was an error, and the FSCA wishes to correct this and clarify the position.

The FSCA confirms that PrestMarine is a division of PrestGroup (Pty) Ltd, which is a registered financial services provider with registration number FSP 165 and that it is in good standing with the FSCA. Both PrestMarine and PrestGroup (Pty) Ltd have reported to the FSCA the fraudulent use of their company name and logo on certain insurance documentation, which caused the FSCA to issue the warning which was intended to warn the public about the apparent fraudulent conduct of third parties by using the company name and logo of PrestMarine. This warning has now been retracted and the Authority apologises for any inconvenience caused.