Regulator issues warning about African Wealth Shares and Ashcroft Cohen Strategic Capital
An investment promising returns of 50% or more is a huge red flag
The Financial Sector Conduct Authority (FSCA) has warned the public against dealing with African Wealth Shares and Ashcroft Cohen Strategic Capital as both entities are unauthorised to render any financial advice and intermediary services.
According to the FSCA African Wealth Shares has been offering investment opportunities with the promise of a 50% or more return on investment within 30 days. It is also claiming on its website to be affiliated with Wealth Associate financial advisers, an authorised financial services provider (FSP 45922).
However, Wealth Associate financial advisers has confirmed that African Wealth Shares is in no way affiliated with them.
On Ashcroft Cohen Strategic Capital, the FSCA says it has learnt that the entity is based in China. The regulator has no record of application to register as a financial services provider (FSP) or any record of existing license(s) issued by the authority.
Ashcroft has been offering investments to customers.
The FSCA has urged consumers to check the credentials of any service provider before parting with any of their hard-earned cash, by phoning the FSCA toll-free on 0800-110-443 or checking on its website if the person or entity is authorised to render any financial services.