FSCA Warns Public Against Cent Growth Investment (Pty) Ltd and Mr Tshepiso Mabitle

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with with Cent Growth Investment (Pty) Ltd (Cent Growth Investment) and Mr Tshepiso Mabitle (Mr Mabitle), who are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).

According to the information received by the FSCA, Cent Growth Investments which is run by Mr Mabitle, recruits members of the public through Facebook and offers them an opportunity to invest in forex through his entity. Clients are advised to deposit funds into the Cent Growth Investment bank account and may lodge withdrawals after 12 months of investing. According to the complaint received, clients have not been able to receive their returns and their numerous attempts to get hold of Mr Mabitle have been unsuccessful.

The FSCA confirms that neither Cent Growth Investments nor Mr Mabitle is authorised by the FSCA to render any financial services, despite it offering forex products to members of the public. 

The FSCA warns that members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. 

It again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA as to whether or not such institution or person is authorised to render financial services.