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FSCA warns the public against a group claiming to be associated with AVBOB

22 February 2021 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) warns the public not to deal with a certain group operating on Facebook and WhatsApp claiming to be affiliated with AVBOB Mutual Assurance Society (AVBOB) an authorised Financial Services Provider (FSP no. 20656)

The FSCA was informed that there is a Facebook and WhatsApp group called AVBOB Investment that has been claiming to be affiliated with AVBOB and is asking the public on Facebook and WhatsApp to make investments. The group is luring clients to invest money with the promise of doubling their money. AVBOB has confirmed that the Facebook and WhatsApp profiles do not belong to them or affiliated with any part of their client offering.

It is the FSCA’s view that the abovementioned entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.

The FSCA 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.fsca.co.za as to whether or not such institution or person is authorised to render financial services.

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