The Financial Services Board (FSB) warns against dealing with an online trading platform, Love and Lets Live.
The FSB says Love and Lets Live has been inviting consumers to invest in its online forex trading platform, promising monthly returns of 8%.
It says the entity is not an authorised financial services provider and as such is in contravention of the Financial Advisory and Intermediary Services (FAIS) Act.
It has been brought to the attention the FSB that Liftinghand Financial Services, after approving a loan application by a client, forwarded the client a letter containing the FSB logo in the name of Caroline da Silva, the FSB’s deputy executive director in charge of FAIS. In terms of this letter, the loan applicant needs a security document certificate to clear the funds loaned. In order to obtain this certificate, an amount of R 6000 is required from the applicant.
The FSB says the letter is fraudulent and that neither the FSB nor Da Silva has any connection with Liftinghand Financial Services. The entity is not an authorised financial services provider.
The FSB reminds you that, before dealing with a company or individual that provides financial services, you check beforehand on either the FSB’s toll free number (0800110 443) or its website www.fsb.co.za as to whether or not such institution or person is authorised to do so.