The Financial Sector Conduct Authority (FSCA) on Thursday revealed that it was investigating the activities of My Wealth Method.
“The purpose of the investigation is to establish whether the business activities of My Wealth Method is in breach of any financial sector law,” explained FSCA.
“The FSCA advises that My Wealth Method is not authorised to render any financial advisory and/or intermediary services in terms of the Financial Advisory and Intermediary Services Act No. 37 of 2002 (FAIS Act).
“My Wealth Method is also not registered as a bank in terms of the Banks Act No. 94 of 1990.”
The FSCA said in terms of section 136 of the Financial Sector Regulation Act No. 9 of 2017 (FSR Act) individuals could be requested to either submit documents and/or information relating to the investigation.
They could also be requested to appear before the investigators for questioning.
FSCA said those who are requested to do so “must comply with the requirements of the notice”.
Failure to comply with a notice issued in terms of section 136 of the FSR Act may be viewed as a hindrance of the investigation process, which is considered a criminal offence.
“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,” said the regulatory body.
Consumers who wish to conduct financial services with an institution or person to are advised 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, and in particular which products they are licensed for.