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FSCA cautions public against Ithala Capital Investments

Says it is not authorised to render any financial advice or intermediary services.
Image: Moneyweb

The Financial Sector Conduct Authority (FSCA) is calling on the public to practice caution and stay vigilant when in dealings with Ithala Capital Investments, as the entity is not authorised to render any financial advice or intermediary services in terms of the Financial Advisory and Intermediary Services Act (FAIS Act).

Ithala is also not regulated or registered with the FSCA and as such, it is conducting an unauthorised financial services business and customers using financial services or products offered by it do so at significant financial risk, according tothe authority.

Nonetheless, Ithala appears to be offering a financial product to the public.

“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,” FSCA said in a statement.

“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.”

On a positive note, FSCA says that Ithala SOC Limited (FSP number 17139) and the Ithala Development Finance Corporation Limited (FSP17125) which are both authorised financial services providers, have confirmed that they have no affiliations with Ithala Capital Investments, and they have not given it permission to use their trademarks or branding.

FSCA urges customers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on the toll free number (0800 110 443) or here whether it’s/they are authorised to render financial services.

Palesa Mofokeng is a Moneyweb intern.

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Don’t be surprized.
There is a sucker born every minute, and most of them end up in ‘investment scams to good to be true’

How on earth did they register the name in this category. How can the FSCA not just go and close them down.

So any Joe Soap can register a company that leverage the name of a trusted institution? Like (for example) let’s say I register a company called ABSA Retire Rich and then go round old-age homes looking for “investors”?

How can this company use Ithala name when it’s being already used in the same sector. This will cause confusion and conflict. Worse the company is non compliant with FSCA. Ithala SOC should reserve their name by crushing this new company through legal means. If I had passed this article, I would believe Ithala Bank is non compliant.

End of comments.

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