FSCA Warns Public Against Mandla Lamba

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with an individual named Mandla Lamba.

The FSCA has received information that Mandla Lamba is conducting unregistered business and offering shares to members of the public on social media and other broadcasting platforms, promising them unrealistic returns.

The FSCA points out that Mandla Lamba is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services. Mandla Lamba is linked to amongst others, the following companies and it should be noted that the below companies are also not authorised in terms of the of the FAIS Act:

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.