FSCA issues warning over investing in Work Your Wealth
CAPE TOWN - The Financial Sector Conduct Authority (FSCA) yesterday warned the public to act with caution when dealing with Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne.
The FSCA said in a statement it suspected that Work Your Wealth, Conray Labuschagne and Ewoudt Labuschagne were conducting unauthorised financial services business and breaching various financial sector laws.
The FSCA had received information that they were soliciting money from the public and promising them high returns. It added that they were not authorised in terms of the Financial Advisory and Intermediary Services Act Act to render financial advisory and intermediary services.
“Members of the public should always check that an entity or individual is registered with the FSCA to provide financial advisory and 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 statement said.