The Financial Services Board (FSB) was replaced by the Financial Sector Authority (Authority) in terms of the provisions of the Financial Sector Regulation Act, 2017 with effect from 1 April 2018. Prior to that date the powers and functions specified in the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) were performed by the Financial Services Board (FSB) and the Registrar of financial services providers (the Registrar). These functions and powers have been taken over and are now the responsibility of the Authority.
Ntinga Health and Financial Services cc (Ntinga) was approved on 13 February 2008 as a category 1 financial services provider to render intermediary services in respect of a range of financial products which include, long term insurance, short term insurance, pension funds and collective investments. One of the licensing conditions was that it must at all times ensure that any of the financial product in respect of which it intends to render financial service, qualifies as a financial product contemplated in the FAIS Act and will be lawfully issued by the relevant product supplier by virtue of an authority, approval or right granted to such supplier in section 1 (1) of the FAIS Act.
In July 2015 it came to the Registrar’s attention that Ntinga was operating a Ponzi scheme and in order to protect the consumers from further risks provisionally withdrew the license of Ntinga and appointed inspectors to conduct an inspection into the affairs of Ntinga. A final inspection report was issued on 15 August 2015 and made adverse findings in the way conducted business in contravention of the laws. The license was withdrawn on 7 September 2015 and Mr. Armstrong Mazizi was debarred on 14 December 2015 from rendering financial services.