FSCA WARNS THE PUBLIC
THE Financial Sector Conduct Authority (FSCA) has warned the public against doing any financial services-related business with an entity called Stanlib Multiple Investment, which is impersonating Stanlib to attract investors.
Stanlib is an authorised financial services provider in South Africa and is not connected to this entity.
The FSCA has received information that Stanlib Multiple Investment is purporting to be affiliated with Stanlib and using the website address https://stanlib. co.page/ to solicit investments from the public. FSCA records show the authorised Stanlib website address is www.stanlib. com. The authorised Stanlib is situated at 17 Melrose Boulevard, Melrose Arch, 2196 with postal address PO Box 202, Melrose Arch, 2076; contact number 011 448 5385.
The authorised Stanlib confirmed it has no knowledge of Stanlib Multiple Investment, which is using its name fraudulently and has no association with the company. FSCA’s records show the company is not an authorised FSP nor a representative of an authorised FSP and there is no record of an application to become an authorised FSP with the FSCA. It is thus not authorised to render financial services in terms of the Financial Advisory and Intermediary Services Act (FAIS Act).
It is the FSCA’s view that Stanlib Multiple Investment is using a similar domain (cloning) to dupe unsuspecting investors into depositing funds into this unauthorised entity’s accounts.
The public should always check that an entity or individual is registered with the FSCA to provide financial advisory and intermediary services. In some instances people are registered to provide basic advisory services for a low risk product but then offer services of a far more complex and risky nature.
Customers who wish to conduct financial services with an institution or person should check beforehand with the FSCA on either the toll free number (0800 110 443) or on https://www.fsca. co.za/Fais/Search_FSP.htm whether such institution or person is authorised to render financial services.