The authority says a successful search and seizure operation was conducted at the Stokvel's offices in June. Moneyweb FSCA
The Financial Sector Conduct Authority is warning consumers to be cautious about doing any financial services-related business with African United Stokvel on suspicion the entity is participating in unauthorised business and breaching some financial sector laws. In a statement issued on Monday, the authority confirmed it conducted search and seizure operations at the Bryanston-based entity’s offices in June as part of ongoing investigations into its affairs.
Read: A warning the FSCA shouldn’t have needed to issue “The social media pages of United African indicate that it is a digital stokvel that invests clients’ funds in property and telecommunications. It claims that the returns from these investments are used to pay client returns,” the FCSA said. “There are various complaints from clients stating that although they were promised returns, they have not received them,” it added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Africa: President Ruto Lauds African Union Commission in Advancing Pan-African IntegrationPresident William Ruto has lauded the African Union Commission in advancing Pan-African integration as he welcomes African leaders for Fifth Mid-Year Coordination Meeting.
Read more »
Africa: Time to Revalue African Economies, African Development Bank Chief SaysThe year 2023 has so far not been a good one for Africa. Conflict has erupted in Sudan, deepened in the Democratic Republic of Congo and spread southward from the Sahel.
Read more »
Road runners are tearing up the tar in local 10km races | The Citizen🎽 Some spectacular performances over the last few months have raised the bar even further for SA men’s roadrunning. 🎖️ Athletics Running Marathon Read more here 🔽
Read more »
BACKSTORY: Richard Rivett-Carnac of SABThe FM speaks to Richard Rivett-Carnac, CEO of South African Breweries.
Read more »