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FSCA warns the public against individuals impersonating T Rowe Price International Limited

By Supplied Time of article published Apr 12, 2021

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The Financial Sector Conduct Authority (FSCA) warns the public to be cautious of a individuals using a WhatsApp scam impersonating T.Rowe Price International Limited. This operation uses a similar sounding alias - T Rowe Investment – to execute what is suspected to be unathorised financial services to unsuspecting financial consumers.

T.Rowe Price International Limited is a foreign scheme approved to market some of its portfolios in terms of section 65 of the Collective Investment Schemes Control Act (CISCA).

The FSCA received information from Prescient Fund Services, a financial services provider acting as the appointed representative of T Rowe Price International Limited in South Africa, that an unknown individual/entity has set up a WhatsApp scam pretending to be T.Rowe Price International Limited. The individuals operate as T.Rowe Investment and solicit investments from unsuspecting members of the public. The FSCA warns the public against doing any financial services related business with the individual and/or entity.

T.Rowe Price Investment correspondence states that the company is situated at 7th Floor, Wood Street, Sandton, Johannesburg, South Africa. This is false, as the FSCA’s records indicate that T Rowe Price International Limited’s physical address are in the United Kingdom (UK).

T Rowe Price International Limited has confirmed to the FSCA that Prescient Fund Services is acting as the appointed representative in South Africa and that an entity called “T Rowe Investment” does not correspond with any legal or informal entity name within their Group, and the use of such terminology should be seen as a poor imitation of their company’s brand, logo and likeness.

According to the FSCA’s records, T Rowe Price Investment is not an authorised FSP; is not a representative of an authorised FSP and there is no record of an application to become an authorised FSP with the FSCA.

Therefore, it is not authorised to render financial services as contemplated in the FAIS Act or any other relevant financial sector law.

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 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.

PERSONAL FINANCE

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