FSCA warns the public against Ekasi Bucks Insurers, a division of Ekasi Bucks Ecosystem (Pty) Ltd

28 June 2019 The Financial Sector Conduct Authority (“FSCA”)

The Financial Sector Conduct Authority (“FSCA”) warns the public against doing any financial business with Ekasi Bucks Insurers, a Division of Ekasi Bucks Ecosystem (Pty) Ltd, who is not authorised, in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services.

It was brought to the attention of the FSCA that Ekasi Bucks Insurers is purporting to be authorised financial services provider (“FSP”). Additionally, Ekasi Bucks Insurers use FSP number 43259 which belongs to a registered financial services provider; PAL Life, and purport to be affiliated with it, whilst that is not the case.

According to the FSCA’s records, Ekasi Bucks Insurers is not an authorised financial services provider and is not a juristic representative of any FSP, therefore, it is not authorised render financial services as contemplated under the FAIS Act.

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 203 722) or on the website as to whether or not such institution or person is authorised to render financial services as well as for which services they are authorised.

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