FSCA warns the public against Jackson Shaw

The Financial Sector Conduct Authority (FSCA) would like to warn the public to act with caution when dealing with an individual who calls himself Jackson Shaw (“Mr Shaw”). The FSCA received information that Mr Shaw is offering personal and business loans to members of the public in return for a fee. Mr Shaw is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services.

Mr Shaw claims to be from Galaxy Financial Advisors (Pty) Ltd FSP 4721, an authorised financial services provider. Galaxy Financial Advisors (Pty) Ltd has confirmed that the individual is unknown to them and that they have never had any dealings with them. It is the FSCA’s view that the abovementioned entity is using the authorised financial services providers’ name without authorisation.

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.