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FSB appoints manager for Bophelo

Personal Finance

The Registrar of Pension Funds at the Financial Services Board (FSB) will appoint a statutory manager, Henry Msimang, to Bophelo Benefit Services (BBS), a subsidiary of Mvunonala Holdings, and to the Bophelo Beneficiary Fund, after media reports about maladministration of the fund.

In July last year, the FSB conducted a routine on-site visit to BBS and has made certain findings in a preliminary report.

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The FSB has confirmed that it has engaged with the relevant officials at these regulated entities. If any wrongdoing is found on any aspect that falls within the regulatory ambit of the FSB, appropriate action will be taken to ensure that clients and beneficiaries are protected, the FSB says.

Consumer warning

The FSB warns against dealing with Diamond Finance. Diamond Finance is not an authorised financial services providers and you need to be cautious when dealing with this company.

It has been brought to the attention of the Registrar of Financial Services Providers that Diamond Finance is promoting itself as a licensed financial services provider and is contacting people with the aim of offering financial services.

Licence withdrawn

The Registrar of Financial Services Providers has withdrawn the licence of Clivera Consulting and debarred its director, Phelegetso Ramathibela, from rendering financial services.

The registrar made the decision after an FSB investigation of Clivera Consulting and Ramathibela following complaints from clients. The effect of the decision is that Clivera Consulting and Phelegetso Ramathibela are prohibited from rendering any financial services as outlined in the Financial Advisory and Intermediary Services Act.

Before dealing with an individual or business offering financial services, the FSB recommends that you check beforehand with the FSB on either the toll-free number (0800 110 443) or on its website, www.fsb.co.za, as to whether or not such an entity is authorised to render financial services and which financial products it can offer.

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