African Credit Solutions (Khula Guarantees) - Waarschuwing FSCA South Africa
FSCA Press Release 22 April 2020
FSCA warns the public against African Credit Solutions trading as Khula Guarantees
The Financial Sector Conduct Authority (FSCA) warns the public against doing any
financial services business with African Credit Solutions trading as Khula Guarantees.
Khula Guarantees is not authorised to give any financial advice or render any intermediary
services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
The FSCA received information that Khula Guarantees issues guarantees on behalf of civil
contractors to municipalities and alleges to be an authorised financial services provider
when it is not. It is the FSCA’s view that Khula Guarantees is conducting unregistered
business and providing financial services without the necessary authorisation.
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. The FSCA again reminds consumers who wish to
conduct financial services with an institution or person to check beforehand with the FSCA
on either the toll free number (0800 110 443) or on the website www.fsca.co.za as to
whether or not such institution or person is authorised to render financial services.
Enquiries: Financial Sector Conduct Authority
Email address: FSCACommunications@fsca.co.za
Telephone: 0800 203 722