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FSB warns about unauthorised companies

Personal Finance

The Financial Services Board (FSB) says you should be cautious when dealing with the following companies, which purport to be financial services providers but are not authorised to render financial services:

  • Eyethu Financial Corporation. The FSB has received information that Eyethu Financial Corporation offers loans and invests money at various interest rates. According to the information, Eyethu offers interest of 30 percent on a “32-day tax- free investment plan”.

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  • Madoda Forex. It has been brought to the attention of the FSB that Madoda Forex is soliciting investments from unsuspecting individuals, promising unrealistic interest rates payable within between five and 20 days. On its website, www.madodaforextrading.com, there is a copy of a certificate claiming that the entity is authorised as a forex trading agency in terms of Section 5 of the Credit and Financial Services Act. The FSB says financial services providers need to be authorised in terms of the Financial Advisory and Intermediary Services (FAIS) Act, and Madoda Forex has no such authorisation.

  • The FSB says you should always check that a financial services provider is licensed to render services in terms of the FAIS Act. You can do this calling its toll-free number, 0800 110 443, or visiting www.fsb.co.za, where you can search for authorised providers.


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