FSCA warns the public against Mr Michael Curter
The Financial Sector Conduct Authority (FSCA) warns the public against dealing with Mr Michael Curter.
Mr Curter is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and/or intermediary services.
The FSCA received information that a person who calls himself Mr Michael Curter on Facebook, purports to be an authorised financial services provider using FSP number 50402. This FSP number belongs to the Occasions Net t/a Novason Life.
Occasions Net confirmed that they do not have any relationship with Mr Curter. Mr Curter scams people trading in forex, promising high returns on investments.
It is the FSCA’s view that Mr Curter is conducting unregistered business as he is providing advisory and intermediary services without the necessary authorisation. 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.
Ecsponent Financial Services
The FSCA has also withdrawn the licence of Ecsponent Financial Services (Ecsponent FS), financial services provider (FSP) number 32968. This regulatory action is a result of breaches of financial sector laws by Ecsponent FS. In addition, the FSCA has imposed an administrative penalty of R3 million on Ecsponent FS for the breaches.
The FSCA had provisionally suspended this FSP’s licence on 20 May 2020, pending consideration of the outcomes of its investigation The investigation looked at how Ecsponent FS was selling and marketing the shares of its holding company, Ecsponent Limited (Ecsponent Ltd), which is a JSE-listed entity not under the jurisdiction of the FSCA. The FSCA’s investigation focused solely on the advice and intermediary activities of the entity within its jurisdiction, Ecsponent FS, and not Ecsponent Ltd.
The FSCA reminds customers 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 https://www.fsca.co.za/Fais/Search_FSP.htm whether such institution or person is authorised to render financial services.