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FSB warns on fake financial schemes


Cape Town – If a company that’s keen to take your hard-earned cash calls itself a legitimate investment firm but turns out not to be properly registered with the authorities, that’s cause for serious concern.

The Financial Services Board (FSB) has alerted the public that it has received numerous queries relating to the registration of a company called KIPI as a financial services provider (FSP).

“The FSB has no record of the scheme‚Äôs registration as an FSP, and its business dealings or those of Mydeposit247 do not fall within the jurisdiction of the institution,” the FSB said in a statement on Wednesday. It pointed out that several consumers of financial services and potential investors into the scheme continue to contact the FSB about KIPI’s business dealings.

The FSB’s registrar has also expressed concern over the Wealth Hub scheme, of which Dr Ngoato Takalo is a CEO and director.

Referring to an interview conducted on Radio 702 with Takalo, the FSB said she gave the impression that the scheme is duly registered as a legitimate FSP.

It also said it has received numerous queries from the media about the legitimacy of the scheme, and whether it falls “within the description of a pyramid scheme”. Reported by News 24, for more information Click Here


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