FSCA warns the public against Tshwaranang Community Stockvel

September 4, 2018

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Tshwaranang Community Stockvel.


Tshwaranang Community Stockvel is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services.


According to the information received there is a person or persons from the abovementioned entity contacting people, purporting to act for a company named Tshwaranang Community Stockvel. These people assert that they are a registered financial services provider.


Clients who have invested their funds with Tshwaranang Community Stockvel have been promised 50% interest after 30 working days; however the clients have never received their returns.


It is the FSCA’s view that the abovementioned entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.


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.

 

ENDS

Enquiries: Ms Nokuthula Mtungwa
Financial Sector Conduct Authority
Email address: Nokuthula.Mtungwa@fsca.co.za
Telephone: 012 422 2919

 

 

 

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