JOHANNESBURG - The Financial Sector Conduct Authority (FSCA) on Tuesday warned the public against dealing with an entity called African Wealth Shares.
In a terse statement, the FCSA said it has found that African Wealth Shares was not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.
"The FSCA was informed that African Wealth Share has been offering investment opportunities to customers with the promise of a 50% or more return on investment within 30 days," said the statement.
"African Wealth Shares’ website alleges that they are affiliated with Wealth Associate Financial Advisors, an authorised financial services provider (FSP 45922)."
However, Wealth Associate Financial Advisors has stated that African Wealth Shares is not affiliated with them.
"It is the FSCA’s view that African Wealth Shares is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation," said the statement.
"The FSCA 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 www.fsca.co.za as to whether or not such institution or person is authorised to render any financial services."