The Financial Services Board (FSB) says you should act with caution when dealing with a company named Growth Point Solution. Growth Point Solution is not authorised in terms of the Financial Advisory and Intermediary Services Act to render financial services.

The FSB received information that Growth Point Solution advertises that it is an authorised financial services provider under license number 56793. The company says it invests funds on behalf of clients and guarantees a high return on investment after a period of 15 working days. "We can confirm that there is no authorised financial services provider by the name of Growth Point Solution," the FSB says.

Before conducting financial services with an company or individual, the FSB advises that you check their credentials beforehand on either the FSB's toll free number (0800 110 443) or its website www.fsb.co.za.   

Rica scam

The FSB also warns about a current SMS scam. An SMS titled “RICA Promo” tells the receiver he or she has won R250 000 in a promotion run by Rica. The receiver is then informed that he or she must pay 1% of the winnings into a bank account that will enable the facilitation of the payment.  A phone number is provided to confirm the deposit as well as to verify a code provided in the SMS. The recipient is thereafter informed to contact “Lloyd’s Insurance”.

Lloyd’s South Africa, a registered insurer, has indicated to the FSB that it has no connection whatsoever to the above-mentioned scam.