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African Wealth Shares

African Wealth Shares - Waarschuwing FSCA South Africa - 2019-Aug-27



FSCA Press Release 27 August 2019

FSCA issues warning to the public against African Wealth Shares

The Financial Sector Conduct Authority (FSCA) would like to warn the public not to deal
with an entity called African Wealth Shares. It has found that African Wealth Shares 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 FSCA was informed that African Wealth Share has been offering investment
opportunities to customers with the promise of a 50% or more return on investment within
30 days. African Wealth Shares’ website alleges that they are affiliated with Wealth
Associate Financial Advisors, an authorised financial services provider (FSP 45922).
Wealth Associate Financial Advisors has confirmed that African Wealth Shares is not
affiliated with them. It is the FSCA’s view that African Wealth Shares is conducting
unregistered business and providing advisory and intermediary services without the
necessary authorisation.

The FSCA 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 www.fsca.co.za as to whether or not such institution or person is
authorised to render any financial services.

ENDS

Enquiries: Financial Sector Conduct Authority
Email address: Communications@fsca.co.za
Telephone: 012 367 7883