The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with House of Monopoly (Pty) Ltd (House of Monopoly). This entity is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advisory and intermediary services. The FSCA suspects that
House of Monopoly may be conducting unregistered financial services and falsely operating as a bank by taking deposits from the general public. House of Monopoly is also not registered as a bank in terms of the Banks Act No. 94 of 1990.
Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature.
FSCA warns the public against Afrikan Financial Services (Pty) Ltd.
Yesterday, the FSCA also warned the public against doing any financial services related business with Afrikan Financial Services (Pty) Ltd (Afrikan).