FSCA warns the public to act with caution when dealing with Humble Security and Trading (Pty) Ltd.

October 25, 2019

The Financial Sector Conduct Authority (“The Authority”) has launched a formal investigation into the activities of Humble Security and Trading for suspected breaches of financial sector laws.

 

This comes after the Authority was made aware that the entity is offering forex investment packages to the public without authorisation. Furthermore, these investment packages promise what appear to be unrealistic returns.

 

Humble Security and Trading conducts its business in South Africa from their offices based in Pietermaritzburg and Umzimkhulu. Mr Zolani Phantsi is the sole director of Humble Security and Trading. Neither Humble Security and Trading, nor Mr Zolani Phantsi are licensed to conduct any financial services or receive deposits from the public.

 

The Authority, amongst other things, successfully applied and obtained two search and seizure warrants that were executed at the two business premises, 266 Prince Alfred street, Pietermaritzburg and at Shop 4 Cashbuild Complex, Erf 729, Umzimkhulu on 17 October 2019.

 

The Authority wants to make it clear that neither Humble Securities and Trading nor Mr Zolani Phantsi are licensed to conduct financial services nor to receive deposits from the public, notwithstanding the fact that they claim to be licensed by the Authority.

 

Consumers who wish to conduct financial services with an institution or person can confirm beforehand with the FSCA on either the toll-free number (0800 110 443) or the website www.fsca.co.za as to whether such institution or person is authorised to render financial services.

 

ENDS

 

Enquiries:

Financial Sector Conduct Authority

Email address: Communications@fsca.co.za

Telephone: 012 422 2919 Ends

 

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