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FSCA warns the public against Zoom Executive Investments (ZEI)

24 February 2020 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) warns the public against doing financial services business with Zoom Executive Investments. Zoom Executive Investments is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services.

The FSCA received information that Zoom Executive Investments Fund is using Numus Capital (Pty)(Ltd)’s financial services provider (FSP) licence number 43348 and is portraying itself as a registered financial services provider. It is alleged that Zoom Executive Investments is offering investments and related services to the public. Numus Capital has confirmed that it does not have any relationship with Zoom Executive Investment.

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

Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature.

The FSCA reminds customers 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 https://www.fsca.co.za/Fais/Search_FSP.htm whether such institution or person is authorised to render financial services.

 

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