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FSB issues warning against Choice Lifestyle

Advises the public to ‘act with caution’.

The Financial Services Board (FSB) has warned the public that Choice Lifestyle Change, a division of Free Agape Enterprises, is not a regulated entity. It has advised anyone dealing with the business to “act with caution”.

Towards the end of September this year, Moneyweb raised concerns about Choice Lifestyle’s suspicious business model. The company claimed to be able to offer investors returns of up to 15% a month through a bridging finance operation, but its explanation for how these returns were generated was less than satisfactory.

Moneyweb also cautioned that one of the people behind the company, Maarten Stapelberg, claims to have a number of qualifications that are, at best, unverifiable. Stapelberg runs the business together with Wouter Botha.

“The FSB has received information that Choice Lifestyle, a division of Agape Free Enterprises (Pty) Ltd, operates as a financial services provider, by offering investment opportunities to clients,” the regulator said in a statement. “Choice Lifestyle is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (Fais Act), to render any financial advice and intermediary services.

“The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800 110 443) or on the website www.fsb.co.za as to whether or not such institution or person is authorised to render financial services,” it added.

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“Warned to act with caution” – that’s the best that the FSB can come up with?!

This is criminal activity, why hasn’t the business been shut down and owners arrested? There are plenty of regulated entities which should be shut down for deceiving the public, but this one isn’t even regulated!

What they are trying to say is “Don’t put any money on this donkey!”

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