KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL

FANews
FANews
RELATED CATEGORIES

FSCA warns the public

28 April 2021 The Financial Sector Conduct Authority (FSCA)

FSCA warns the public against individuals impersonating Alexander Forbes

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant against individuals impersonating Alexander Forbes Financial Services (PTY) Ltd (Alexander Forbes), an authorised financial services provider, FSP number 1177. The FSCA and Alexander Forbes would like to confirm that these individuals are fraudulently using the brand and trademark without permission and consumers should not do any financial services business with these individuals.

The FSCA recently received information from Alexander Forbes that they had noticed that certain people fraudulently claiming to work for or with Alexander Forbes, and are requesting their clients and members of the public to supply or confirm their personal information through several platforms (including WhatsApp, direct phone calls, and email). They promise additional payments for disclosure of personal information. Alexander Forbes confirms that no such connection exists with these individuals. In addition, they would like to note that “Alexander Forbes will never request clients or members of the public to supply confidential information such as banking details in an e-mail, SMS, or WhatsApp message or direct phone call. Please do not share any personal information with anyone either via SMS, telephone or email.”

The FSCA urges consumers to exercise caution and report any such requests for personal information immediately. These individuals are not authorised to render any financial products or services as contemplated in the Financial Sector Regulation Act (FSR Act

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

FSCA warns the public against Trinity Tokens (Pty) Ltd and Vuyiso Alex Dumiso

The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Trinity Tokens (Pty) Ltd (Trinity Tokens) and Vuyiso Alex Dumiso. Both Trinity Tokens and Dumiso are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).

Having received information from the public, the FSCA found that the website of Trinity Tokens (which appears to have been removed recently) created the impression that it trades in unspecified foreign exchange (forex) and cryptocurrency platforms on behalf of its investors, offering a high financial return to unsuspecting investors on the initially invested amounts.

Additionally, it appears that on social media, Trinity Tokens is a self-styled cryptocurrency investment agency operating under the name “Trinity Token Investments”. Trinity allegedly does presentations on investing in cryptocurrencies to members of the public and once investors deposit funds into its bank account, the individuals behind the business disappear without a trace.

Neither Trinity Tokens nor Vuyiso Dumiso are regulated by the FSCA. They are not registered to give financial advice or offer any financial services business in South Africa. Consumers are advised to be cautious and avoid this scheme.

Members of the public should always ensure 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.

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.

FSCA issues public warnings against unauthorised entities KG Administrators and

Coinpop

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with KG Administrators and Coinpop respectively. The FSCA suspects both these entities of conducting unauthorised financial services business and breaching various financial sector laws.

KG Administrators providing insurance without an underwriter

The FSCA received information that KG Administrators is conducting insurance business without an Underwriter. This is a contravention of financial sector law and constitutes unauthorised financial services.

Coinpop offering unrealistic returns

The FSCA also received reports that Coinpop is soliciting money from members of the public and promising them high returns. The FSCA cautions the public against this type of offering – if it sounds too good to be true, it usually is.

The FSCA confirms that neither KG Administrators or Coinpop are authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advisory and intermediary services. KG Administrators and Coinpop are not licensed to offer any type of financial services business and consumers are duly warned to deal with caution and avoid

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 Transitional Management Committee: K Gibson (Commissioner) DP Tshidi LP Kekana OB Makhubela 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 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.

Quick Polls

QUESTION

The next year or two will continue to be a turbulent one with regards to regulatory change. Do you think…

ANSWER

What we need is less regulation not more
The industry has overwhelmed itself with its own excessive regulation
The industry is bracing itself to deal with the regulatory changes, and brokers and insurers need to stay well informed of the effects of these changes
fanews magazine
FAnews June 2021 Get the latest issue of FAnews

This month's headlines

Broker and insurer collaboration should not be a one-way street
Running on outdated systems… There's risks
Policy wordings with respect to COVID-19
Death or divorce... how best to split assets
Ethical investing… principles and moral codes
Portfolio positioning will serve investors well
Subscribe now