The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with an entity called SYW and an individual by the name of Mr Hannes Dupper.
The FSCA received a complaint alleging that SYW and Mr Dupper are operating a business that renders financial investment services and take investments against unsecured assets, without being authorised. Upon investigation, the FSCA could not find any record of SYW or Mr Dupper being licensed as a financial services provider (FSP) or appointed as representatives of an authorised FSP.
Section 7(1) of the Financial Advisory and Intermediary Services (FAIS) Act states that no person may act as an FSP unless authorised to do so. Any person or entity that provides financial advice or intermediary services without the necessary authorisation is in contravention of the Act and is operating unlawfully.
It is highly recommended that the public verify:
- that an entity or individual is authorised by the FSCA to provide financial products and services, including giving recommendations about how to invest.
- what category of advice the person is registered to provide, as there are instances where companies or people are registered to provide basic advice for a low-risk product and then offer advice on far more complex and risky products.
- that the FSP number utilised by the entity or individual offering financial services matches to name of the FSP on the FSCA database
What is Fraud? “Fraud” is any activity that relies on deception in order to achieve a gain. Fraud becomes a crime when it is a “knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment” (Black’s Law Dictionary). In other words, if you lie in order to deprive a person or organization of their money or property, you’re committing fraud.