The Financial Sector Conduct Authority (FSCA) warns the public not to deal with a certain group operating on Facebook and WhatsApp claiming to be affiliated with AVBOB Mutual Assurance Society (AVBOB) an authorised Financial Services Provider (FSP no. 20656). The FSCA was informed that there is a Facebook and WhatsApp group called AVBOB
Investment that has been claiming to be affiliated with AVBOB and is asking the public on Facebook and WhatsApp to make investments. The group is luring clients to invest money with the promise of doubling their money. AVBOB has confirmed that the Facebook and WhatsApp profiles do not belong to them or affiliated with any part of their client offering. It is the FSCA’s view that the abovementioned entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation. This group is misrepresenting an authorised FSP and seems to an unlawful fraudulent scheme.
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. There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature. The FSCA reminds customers who wish to conduct financial services with an institution or person to 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.