The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Afrikan (Afrikan Financial Services (Pty) Ltd FSP 48238).
This followed the Authority’s decision to provisionally suspend the license of Afrikan due to information received indicating possible misuse of a FSP license.
The Authority is investigating a number of complaints received, alleging that Afrikan was taking investments from members of the public and promising unrealistic returns ranging from 9% to 50% monthly.
It was further alleged that when clients needed to withdraw their funds, Afrikan failed to oblige.
The public’s attention is drawn to the fact that Afrikan is not permitted to engage in intermediary services or render advice relating to investments, and are not authorised to conduct these financial services.