The Financial Services Board (FSB) warns you to act with caution when dealing with two providers that are operating unlawfully.
The entities are:
- Thapelo Mathibe and Under the Radar Investments. Mathibe and his company are not authorised in terms of the Financial Advisory and Intermediary Services (FAIS) Act to render any financial advice and intermediary services. Apparently, Mathibe, who lives in Ga-Rankuwa, teaches people how to trade on the stock market and trades on their behalf. He does not pay people their returns, the FSB says. He also tells people that his company is registered with the FSB, which it is not.
- Family Assist Cover. This entity is also not registered to provide financial services under the FAIS Act. The FSB says it has received information that Family Assist Cover is using the financial services provider numbers of KGA Life and Avbob Mutual Assurance to sell policies, stating that they are underwritten by KGA Life or Avbob. Neither KGA Life nor Avbob underwrite the policies of Family Assist Cover.
The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800 110 443) or on its website, www.fsb.co.za, as to whether or not such institution or person is authorised to render financial services.