File Image: IOL
File Image: IOL

FSCA provisionally suspends the license of Afrikan Financial Services

By Staff Reporter Time of article published Jan 29, 2019

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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. 

The entity is authorised to only render advice and intermediary services in respect of Long-term insurance Category A products and is required to comply with the law and licensing conditions at all times. 

Upon concluding the investigation, the Authority will decide whether to withdraw or lift the suspension of the license. 

The FSCA furthermore reminds consumers who wish to conduct financial services with an institution or person to check beforehand with them on either the toll-free number (0800 110 443) or through the website as to whether or not such institution or person is authorised to render financial services.


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