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FSB warns the public against unlicensed insurer

Personal Finance

The Financial Services Board (FSB) has issued a warning to consumers not to do business with AHFS Risk Management Services.

The FSB says it has been brought to its attention that AHFS Risk Management Services has been claiming to be an authorised financial services provider (FSP), quoting FSP number 1623.

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However, the FSB says, this FSP number was allocated to Surelink Short Term Insurance Brokers. Surelink has advised the FSB that it neither has any relationship with AHFS Risk Management Services nor has it authorised AHFS Risk Management Services to use its FSP number.

Anyone who sells you a financial product, or provides you with financial advice, should be licensed by the FSB and should have an FSP number.

If someone, or an entity, provides you with financial services without a licence, or without being appointed as a representative of a licensed FSP, they are contravening the Financial Advisory and Intermediary Services Act and could be fined or imprisoned.

You should avoid entrusting your money or financial affairs to anyone providing financial services without the appropriate licence or authority, because you cannot be sure of their integrity.

The FSB says that before you buy a financial product or obtain advice from an institution or person, check with the FSB on either the toll-free number 0800 110 443 or www.fsb.co.za whether that institution or person is authorised to render financial services.

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