Regulator warns against ‘Moneyweb Private Bank’

The Financial Sector Conduct Authority (FSCA) has sent a notice, warning  the public not to conduct any financial services business or invest funds with a entity calling itself ‘Moneyweb Corporate Bank Limited’ which also trades as Moneyweb Private Bank.

Moneyweb has warned its reader before to avoid interacting with this entity, which seems to approach people via unsolicited emails, social media posts and WhatsApp messages.

The FSCA said it has been made aware of “suspected breaches of financial sector laws” by this entity.

It clarified: “Moneyweb Private Bank is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.

“According to information received by the FSCA, Moneyweb Private Bank is fraudulently using the logo of Moneyweb – a South African media company, to solicit investments from the public. Based on the information received, the FSCA has reason to believe that Moneyweb Private Bank Limited is unlawfully operating as a financial services provider by rendering financial services without authorisation.

“Any entities or individuals rendering financial services without a licence or being appointed as representatives are acting in contravention of the FAIS Act. Such a contravention is an offence which carries a fine not exceeding R10 million or a period of imprisonment not exceeding 10 years.”

“Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature.”

Developing story.

Source: moneyweb.co.za