The Financial Sector Conduct Authority (FSCA) warns you to act with caution when dealing with Tshwaranang Community Stockvel.

Tshwaranang Community Stockvel is not authorised in terms of the Financial Advisory and Intermediary Services Act (FAIS Act) to render financial advice and intermediary services.

According to the information received, people from this organisation are contacting the public, saying the organisation is a registered financial services provider.

Clients who have invested their funds with Tshwaranang Community Stockvel have been promised 50% interest after 30 working days. However the clients have never received their returns.

It is the FSCA’s view that the entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.

False pretences

The FSCA also advises caution when dealing with individuals claiming to be representatives of Plus500AU.

Plus500AU is an authorised Financial Services Provider in terms of the FAIS Act, and is authorised to render financial advice and intermediary services.

According to information received, there are people contacting members of the public purporting to act for or on behalf of Plus500AU. These people request money from members of the public and say that they will provide them with the services rendered by Plus500AU.

Plus500AU says that no connection exists between them and the said individuals, and that they have an online system whereby members open their own accounts, and as such they do not make use of sales staff or representatives.

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