FSB warns of bo­gus ad­vis­ers

CityPress - - Tenders -

The Fi­nan­cial Ser­vices Board (FSB) has is­sued a warn­ing to be cau­tious when pur­chas­ing fi­nan­cial prod­ucts, and al­ways ver­ify that the ad­vis­ers and in­ter­me­di­aries you deal with are au­tho­rised to ad­vise you.

Re­cently, two in­di­vid­u­als – who only give their first names, Mazwi and Sibu­siso – have been mis­rep­re­sent­ing them­selves as au­tho­rised rep­re­sen­ta­tives act­ing on be­half of Mo­men­tum In­vest­ment Hold­ings, an en­tity they claim is reg­is­tered as a fi­nan­cial ser­vices provider.

Their modus operandi in­volves pro­duc­ing a fake cer­tifi­cate to dupe prospec­tive in­vestors. The duo then tries to sell a “two-week-only spe­cial”, where the in­vestor has the op­por­tu­nity to in­vest money over a pe­riod of 12 to 15 days and get a “dou­ble re­turn” on their ini­tial in­vest­ment.

MMI Hold­ings, a reg­is­tered en­tity that pro­vides fi­nan­cial ser­vices prod­ucts through Mo­men­tum, one of its op­er­at­ing di­vi­sions, says it has no con­nec­tion with Mo­men­tum In­vest­ment Hold­ings.

It has also in­di­cated that the prod­uct of­fered by the two in­di­vid­u­als is not an au­tho­rised Mo­men­tum prod­uct, and that th­ese bo­gus rep­re­sen­ta­tives are not au­tho­rised to sell prod­ucts and of­fer ad­vice on be­half of Mo­men­tum.

You can check if the rep­re­sen­ta­tive or en­tity you are deal­ing with is au­tho­rised in terms of the Fi­nan­cial Ad­vi­sory and In­ter­me­di­ary Ser­vices Act on the FSB’s web­site, fsb.co.za, or phone the call cen­tre on 080 020 2087.

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