The individuals behind the WhatsApp group were not authorised in terms of the Financial Advisory and Intermediary Services Act to render any financial advice and intermediary services, the regulator said in a statement. File photo.
THE FINANCIAL Sector Conduct Authority (FSCA) has warned the public to act with caution when dealing with a WhatsApp group that is using the name Fairtree Capital.
The individuals behind the WhatsApp group were not authorised in terms of the Financial Advisory and Intermediary Services Act to render any financial advice and intermediary services, the regulator said in a statement.
The WhatsApp group was soliciting investments from people and promising unrealistic and excessive returns. It was using the names of a legitimate financial services provider, Fairtree Asset Management (financial services provider number 25917), Fairtree Capital Hospitality (46033) and Fairtree Private Client (12179), in order to appear to be doing legitimate financial services business, the FSCA said.
The legitimate financial services provider had confirmed that it was in no way associated with the WhatsApp group, the FSCA said.
The FSCA said it was of the view that the WhatsApp group was conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.
The FSCA reminded consumers who want to conduct financial services business with an institution or person to check beforehand with the FSCA on either the toll-free number 0800 110 443 or www.fsca.co.za whether or not such institution or person was authorised to render financial services, and the financial products for which they were licensed.
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