Picture: 123RF/IQONCEPT
Picture: 123RF/IQONCEPT

Don’t do business or invest funds with Moneyweb Corporate Bank Limited, also trading as Moneyweb Private Bank.

This stern warning was issued on Friday after the Financial Sector Conduct Authority (FSCA) received information that Moneyweb Private Bank is fraudulently using the logo of Moneyweb, an online, SA media company, to solicit money from the public.

The FSCA has also learnt that the “bank” is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.

A breach of the FAIS Act is a criminal offence which carries a fine not exceeding R10m or a period of imprisonment not exceeding 10 years.

The FSCA urges the public to always check if an entity or individual is registered with the FSCA to provide financial advisory and intermediary services and what category of advice the entity is registered to provide. “There are instances when 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 says.

Before parting with your hard-earned cash, check the credentials of the financial services institution or person by calling the FSCA toll-free on 0800 110 443 or visit  the FSCA website to check if the institution or person is authorised to render financial services.