FSCA warns the public against Destinata 104 (Pty) Ltd and Wealth Solutions Investments & Development Partners

19 August 2019 FSCA

The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services with Destinata 104 (Pty) Ltd and Wealth Solutions Investments & Development Partners. The said entities are soliciting funds from members of the public by offering investments opportunities in the student accommodation sector. They promise a total net return of 230% on the investment.

The purported reasons for their high returns are based on inter alia the following:

• Old Mutual Guarantee in place against a portion of the project (1bn) Financial Guarantee to Goldman Sachs.
• Old Mutual further provides collateral in the form of government bonds against the project (1bn) over and above the financial guarantee.
• Goldman Sachs in London will provide R1bn financing for the project.
• A section 12J venture capital structure in place which has been partially subscribed, meaning that a proprietor already has subscription, which will come to fruition during January and February 2020.

Goldman Sachs and Old Mutual have both confirmed that no connection exists between them and the said entities.

Destinata 104 (Pty) Ltd and Wealth Solutions Investments & Development Partners are neither authorised financial services providers (FSP) nor representatives of an authorised FSP and there are no records of application to become authorised FSP with the FSCA. Therefore, they are not authorised to render financial services as contemplated in the Financial Advisory and Intermediary Services Act.

Consumers who wish to conduct financial services with an institution or person should always check beforehand with the FSCA by calling the toll-free number (0800 110 443) or visiting to determine whether such institution or person is authorised to render financial services.

Quick Polls


Is 30 the new 65?


Yes, it is becoming inevitable that retirees need to save for a 30 year time horizon when it comes to retirement
No, why change a model that has been working for many years
At least if a retiree reinvests their pot of cash compound interest will resolve the longevity problem
A E fanews magazine
FAnews August 2019 Get the latest issue of FAnews

This month's headlines

Create designer policies through AI
Are advisers in a precarious position?
A claim, COIDA and a dog bite
Non-disclosure never an innocent fraud
Prescribed assets: The threat to pensions
Cannabis and the issue of trust
Getting the most from disability claims
Subscribe now