On 18 February 2021, the Financial Sector Conduct Authority (FSCA), cautioned the public about conducting business with Impilo Plus (Impilo Plus (Pty) Ltd t/a Impilo Plus Insure), who were conducting unauthorised financial services. At the time, Impilo Plus was not authorised to provide financial services, as defined in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
The FSCA can confirm, with effect from 1 May 2021, Impilo Plus has been authorised to provide financial services. This is due to the appointment of African Rainbow Limited (FSP: 49802), as the underwriter for Impilo Plus’s business.
The FSCA is aware that there are members of public that have lodged complaints against Impilo Plus, and the Authority will not comment on the merits of these complaints until an investigation into these complaints has been finalised.
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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