FSCA issued public warning against Moneyweb-Invest

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when conducting financial services business with Moneyweb-Invest. Moneyweb-Invest uses online platforms to offer clients the opportunity to invest in one of three plans, promising unrealistic returns within three (3) days. This is a clear indication that the offering is not legitimate.

In addition, Moneyweb-Invest, on its website, fraudulently associates itself with Moneyweb(Pty) Ltd (Moneyweb), the financial media group with Moneyweb.co.za, as its flagship internet brand. This is false.

Moneyweb-Invest is not authorised in terms of any financialsector law to render financial services or provide financial products. A person rendering finandcial services or providingfinancial products must be licensed to do so by the FSCA. Moneyweb-Invest wasunavailable for comment.

FSCA advised the public that before choosing a broker. They should always check:

· that an entity or individual is authorised by the FSCA to provvide financial products and services, including for giving recommendations about how to invest.

· what category of advice the person is registered to provide, as thiere are instances where companies or people are registered to provide basic addvice for a low-riskproduct and then offer advice on far more complex and risky products

· that the FSP number utilised by the entity or individual offering finarcial services matches to name of the FSP on the FSCA database.

About FSCA

The FSCA was established to be the dedicated market conduct regulator in South Africa's Twin Peaks regulatory model implemented via the Financial Sector Regulation Act. The FSCA's objectives are :

1. Ensure the stability of financial markets;

2. Drive transformation of the financial sector to improve access;

3. Promote fair treatment of financial customers through a robust regulatory framework;

4. Provide financial education and literacy in order to have informed customers; and

5. Assist in maintaining the efficiency and integrity of financial markets through innovation.

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