THE Financial Sector Conduct Authority warns against two entities dealing in cryptocurrencies, Union Fx and FX Trade Bitcoin. It says Union Fx claims to trade in cryptocurrencies, offering unrealistically high returns on investments, while investors in FX Trade Bitcoin appear unable to retrieve their money. It is also of concern that the website of FX Trade Bitcoin has no contact details. Both entities are conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.
AN EYE-CATCHING exhibition on Sandton Drive this week by Nedbank drew the attention of South Africans to the dangers of unchecked consumerism, overspending and rising debt. More importantly, it highlighted how simply making good money management choices can secure you a better financial future. The exhibition took the form of a pop-up display that asked, “Would you blow it or grow it?” It included four exhibits of the extravagant ways in which many South Africans are tempted to spend their money, such as splurging on a luxury car, a designer wardrobe or an expensive night on the town. Nedbank also drew attention to the urgent need to save and invest for the long term.
SHAREHOLDER activism organisation Just Share reports that Standard Bank has delayed its response to shareholders on tabling an advisory resolution on climate risk. Three asset-manager shareholders and Just Share co-filed a non-binding advisory shareholder resolution ahead of the bank’s annual general meeting on May 27 requesting that the company includes in its reporting its plans, if any, to set and publish a strategy, with targets, to reduce its exposure to fossil fuel assets on a timeline aligned with the goals of the Paris Agreement. The resolution was filed 23 working days before the meeting date. Standard Bank has not yet indicated whether it will table the resolution.