Picture: SA GOVERNMENT NEWS VIA TWITTER
Picture: SA GOVERNMENT NEWS VIA TWITTER

36One Asset Management has lost an appeal against a R350,000 fine by Financial Sector Conduct Authority (FSCA) for publishing details of unapproved funds.

The penalty was imposed for giving information on “certain unapproved offshore funds” on the firm’s website, in newsletters and presentations to clients between August 2015 and March 2018, the FSCA said in a statement on Friday.

“Any reference to the unapproved foreign funds was inadvertent and not intended to solicit investment,” 36One said in an e-mailed response to questions. “Moreover, no one actually attempted to invest in the foreign funds, nor would they have been able to do so.”

The Financial Services Tribunal had rejected this argument, the FSCA said.

“We are disappointed at the outcome,” 36One said. “But do not intend to take this matter any further.”

Bloomberg