The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with KS Projects & Advisory Services (KSPAS).
The FSCA suspects KSPAS of conducting unauthorised financial services business and breaching various financial sector laws.
The FSCA received information that KSPAS is conducting insurance business without an Underwriter. The FSCA confirms that KSPAS is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advisory and intermediary services.
The FSCA warns that 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.
It again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA as to whether or not such institution or person is authorised to render financial services.