The Financial Sector Conduct Authority (FSCA), South Africa’s financial regulatory body, has issued a stern warning against fraudulent individuals impersonating Wealthport (Pty) Ltd.
In an official press release dated May 17, 2023, the FSCA noted that it had received a complaint from Wealthport (Pty) Ltd, a licensed Financial Services Provider (FSP No. 44158). The complaint detailed concerns that a separate entity known as Wealthport Capital may be offering financial services under the guise of association with Wealthport (Pty) Ltd.
This duplicitous entity, purportedly operating as Wealthport Capital, has reportedly been soliciting investment opportunities with exceedingly high returns on the WhatsApp social media platform. According to the complaint lodged by Wealthport (Pty) Ltd, the legitimate firm emphatically denies any relationship with Wealthport Capital and has categorically stated that it does not conduct any business over WhatsApp.
The FSCA has stated that, under South African law, any person or entity intending to offer financial services must be licensed by the FSCA. While Wealthport is an authorised FSP, the FSCA confirms that Wealthport Capital is not authorised to provide any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
Despite attempts to establish contact with Wealthport Capital, the FSCA has been unsuccessful in reaching them.
In light of this situation, the FSCA is cautioning the public to diligently verify the authorisation status of any entity or individual offering financial products, services, or advice. The public can do so by:
Members of the public are encouraged to stay vigilant and exercise due diligence when dealing with financial service providers, especially those promising unusually high returns. The FSCA continues to strive for a safe and trustworthy financial environment for all South Africans.
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