FSCA warns the public against Bull N Bear Investments (Pty) Ltd

September 26, 2018

 

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Bull N Bear Investments (Pty) Ltd. Bull N Bear Investments (Pty) Ltd is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services.


The FSCA received information that there is a person or persons soliciting funds from people, purporting to act for a company named Bull N Bear Investments (Pty) Ltd. These people assert that they are a registered financial services provider, FSP number 48969 with the FSCA. According to our records there is no authorised financial services provider with FSP number 48969. Bull N Bear Investments (Pty) Ltd applied for a licence in November 2017 and was assigned the FSP number 48969 for application purposes, the application process was not completed and the FSP number was subsequently cancelled.


Bull N Bear Investments (Pty) Ltd takes the clients’ money and promises to invest it and when the said client wants to withdraw their funds, they are told that the funds are not available for withdrawal as they are being reinvested. 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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