COMPANY FINED R50 000 FOR SOLICITING INVESTMENTS
Iza Wealth has been fined R50 000 after the registrar of collective investment schemes found that the company solicited investments from two investors for an unapproved foreign collective scheme between April 22 and September 17 2015.
The case against Iza Wealth was handed over to the enforcement committee of the Financial Services Board. The referral related to a contravention of section 65 of the Collective Investment Schemes Control Act.
The parties agreed on a penalty of R50 000, which was imposed by the chairperson of the enforcement committee on April 7.
After the case was concluded, the registrar released a statement, which read: “In arriving at an appropriate penalty, the registrar took into account inter alia that the respondent undertook to rectify the contravention by complying with the registrar’s instructions.
“The respondent expressed regret for the contravention and cooperated with the registrar to ensure that this matter was brought to finality. The registrar was not aware of any prejudice caused to the affected clients as a result of the respondent’s actions.”
FNB LAUNCHES AUGMENTED REALITY ON APP
FNB has introduced augmented reality and FNB TV on its FNB banking app. The eBucks partner locator on the FNB app uses augmented reality to help customers find nearby eBucks retail partners. Meanwhile, FNB TV has been created to help customers navigate banking easily with “how to” video clips.
Sahil Mungar, the head of marketing for FNB digital banking, says: “Augmented reality overlays retail partners on to your phone screen, indicating the distance to the retailer, eBucks spend and earn options, opening times and contact details.
“This will evolve over time to become more interactive to supplement your physical world with how FNB can save you money and make life easier to manage.
“FNB TV now allows customers to find and watch short videos to help with the common day-to-day frustrations that we all experience. We have analysed common customer enquiries at our branches and contact centres, and have short videos available on FNB TV to help them find quick solutions.
“We will continuously update FNB TV to help our customers become aware of helpful tips and convenient products.”