The Financial Services Board (FSB) has warned the public not to conduct financial services business or invest funds with State Life (Pty) Ltd and/or its representative and key individual, Thapelo Jacob Macholo (FSB number 41897).

The FSB said in a statement that it withdrew State Life’s licence on May 30, 2015, which means it is prohibited from rendering financial services in terms of the Financial Advisory and Intermediary Services (FAIS) Act. Despite this, it has come to the FSB’s attention that State Life is operating from 5 Elizabeth Street, Elizabeth Street Complex, Welkom in the Free State.

It is the FSB’s view that State Life is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation. Persons rendering financial services without a licence, or without being appointed as representatives, are acting in contravention of the FAIS Act. This contravention is an offence that carries a heavy fine or period of imprisonment.

The FSB again reminds consumers who want to conduct financial services with an institution or person to check beforehand with the FSB on either 0800 110 443 or whether such institution or person is authorised to render financial services.