FSB warns of dodgy prac­tices

Weekend Argus (Saturday Edition) - - FRONT PAGE -

The Fi­nan­cial Ser­vices Board (FSB) has is­sued sev­eral warn­ings about op­er­a­tors in the fi­nan­cial ser­vices sphere that are do­ing busi­ness un­law­fully or try­ing to scam you.

First, it says you should treat with sus­pi­cion an email with the sub­ject line “non-res­i­den­tial per­mit”, pur­port­ing to be from HSBC Bank. At­tached to the e-mail is a fake cer­tifi­cate bear­ing the FSB’s name and logo. Ac­cord­ing to the fake cer­tifi­cate, the re­cip­i­ent has com­plied with re­quire­ments to set up an on­line bank ac­count for “an in­her­i­tance”.

HSBC Bank South Africa says such emails do no t orig­i­nate from its of­fices. The FSB also has no con­nec­tion what­so­ever to these emails or fake cer­tifi­cates.

It also warns against deal­ing with two lo­cal com­pa­nies that are op­er­at­ing with­out li­cences:

Fidelity Loan In­vest­ment and its agents are not au­tho­rised in terms of the Fi­nan­cial Ad­vi­sory and In­ter­me­di­ary Ser­vices (FAIS) Act, to ren­der fi­nan­cial ad­vice and in­ter­me­di­ary ser­vices. Fidelity Loan In­vest­ment is us­ing a fake FSB cer­tifi­cate to dupe con­sumers into be­liev­ing that it is a reg­is­tered fi­nan­cial ser­vices provider.

Mpolo­keng Fi­nan­cial Ser­vices, owned by Mpolo­keng Sole, is also not au­tho­rised un­der the FAIS Act to ren­der any fi­nan­cial ad­vi­sory ser­vices. It is also not au­tho­rised in terms of the Longterm In­surance Act to carry on any kind of long-term in­surance busi­ness. Mpolo­keng, which ap­par­ently op­er­ates in Pretoria, Mabopane, Brits and sur­round­ing ar­eas, is sell­ing fu­neral poli­cies al­legedly un­der­writ­ten by “MFS”, an au­tho­rised fi­nan­cial ser­vices provider, but this in­for­ma­tion is false. The fu­neral poli­cies it is sell­ing are not un­der­writ­ten by a reg­is­tered in­surance com­pany, mean­ing that pol­i­cy­hold­ers are not pro­tected.

The FSB again re­minds you to check be­fore­hand whether or not a fi­nan­cial ser­vices provider is reg­is­tered, ei­ther by call­ing its toll­free num­ber (0800 110 443) or on its web­site, www.fsb.co.za

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