Quick reads for this week

PF – highlights of the week. File photo.

PF – highlights of the week. File photo.

Published May 25, 2024


FSCA Withdraws Licence of The Wealth Strategist

THE Financial Sector Conduct Authority (FSCA) has announced it has withdrawn the licence of The Wealth  Strategist with effect from May 15, 2024.

The FSCA said The Wealth Strategist’s licence has been withdrawn in terms of Section 9(1) due to several compliance failures identified by the FSCA through its ongoing supervisory activities.

The Wealth Strategist was found to be in contravention of the FAIS Act by failing to:

• Terminate its financial services business with N-e-FG Fund Management,  whose licence had been withdrawn by the FSCA on December 22, 2021. This is a contravention of Section 7(3) of the FAIS Act. The Wealth Strategist was fully aware that the licence of N-e-FG Fund Management had previously been withdrawn by the FSCA.

• Take action against one of its representatives who admitted to having forged fund reports, creating an impression that the reports were prepared by various fund managers licensed by the FSCA.

In addition, the directors of The Wealth Strategist were also directors and representatives of N-e-FG Fund Management and N-e-FG  Administrators, whose licences were withdrawn by the FSCA on 22 December 2021 for various contraventions of the FAIS Act and its subordinate legislation.

Microsoft SA invests R1.3 billion to spur job creation

Microsoft South Africa has announced that it will invest more than R1.3 billion to unlock inclusive growth, contribute to building a digital economy, foster entrepreneurship, and innovation, and fuel the job creation engine.

The group said it will enable SMMEs to be engines of growth and expand local industry in South Africa.

Minister of Trade, Industry, and Competition Ebrahim Patel said the fund would assist black South Africans in non-tech sectors to harness the power of technology and improve their competitiveness and ability to innovate and expand their operations.

“It will also act as a bridge to enable young people to get training, certification, and job placement so that talented South Africans gain access to the opportunities that arise from an increasingly digitalised world.”

Microsoft Africa president Lillian Barnard said: “Consistent with our mission to empower every person and every organisation on the planet to achieve more, this investment represents our commitment to empowering individuals and small businesses to be part of Africa’s digital economy, and to drive job creation and growth that will benefit the entire region.”