The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R30 000 on 4 Africa Exchange (Pty) Ltd (4AX), for contravening section 90 of the Financial Markets Act, 2012 (Act No. 19 of 2012) (FMA).
This is due to 4AX failing to have its audited financial statements for the 2017/2018 submitted to the FSCA before 31 July 2018. As aggravating factors, the FSCA considered amongst other factors, that the breach took place over a period of approximately 12 months.
In mitigation, however, the FSCA considered, amongst others, the fact that 4AX admitted to the contravention and cooperated with the FSCA in all respects. A copy of the penalty letter will be made available on www.fsca.co.za.
FSCA warns against Rothschild Finance
Last week, the FSCA, also issued another warning to consumers. The FSCA warned the public against doing any financial services business with Rothschild Finance (Pty) Ltd and Rothschild African Loan Department.
Rothschild Finance (Pty) Ltd and Rothschild African Loan Department are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services, a statement said. READ MORE: FSCA warns against Rothschild Finance and Rothschild Company African Loan Department