FSCA warns the public against Keenan Ebden Financial Services
The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Keenan Ebden Financial Services and Keenan Ebden (Mr Ebden).
Neither of which are authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
It came to the attention of the Authority that Keenan Ebden Financial Services is using the lapsed FSP number 7002 which in fact belongs to AJ Muller.
The FSCA received information that Keenan Ebden Financial Services is encouraging members of the public to invest a minimum of R25 000 in Australian based companies while promising that the clients’ money is guaranteed, with a 100% return over 3 months. Clients that disinvest within the 3 months will incur a cost of 10% commission.
It is the FSCA’s view that Mr Ebden and Keenan Ebden Financial Services are conducting unregistered business and 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.
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.