FSCA issues public warning against Green Bee Offshore Bankers

By Supplied Time of article published Apr 14, 2021

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The Financial Sector Conduct Authority (FSCA) warns the public against conducting financial services business with Green Bee Offshore Bankers (Green Bee), Songeziwe Simphiwe Masibulele Mbalo and Fezile Duma. The FSCA has received information that Green Bee, Songe Mbalo and Duma are conducting unregistered financial services business.

It was alleged that Green Bee, Songe Mbalo and Duma are soliciting funds from members of the public and promising them unrealistic high returns.

The FSCA confirms that Green Bee, Songe Mbalo and Duma are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advisory and intermediary services.

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.

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.


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