FSCA Warns Public Against Essentials and Mothupi Shai

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with Essentials and Mothupi Shai.

Whilst it is uncertain what business the company is conducting, the FSCA points out that Essentials and Mothupi Shai 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). 

The FSCA has received complaints against Essentials and Mothupi Shai from members of the public who had invested money in the company and are now unable to withdraw their funds. Despite the authority's best efforts, the FSCA has not been able to reach Green Gold Organization.

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.