FSCA Warns Public against My Wealth Method (Pty) Ltd

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with My Wealth Method (Pty) Ltd (My Wealth Method).

In light of the media enquiries and complaint received by the Financial Sector Conduct Authority (FSCA) and the public statements made by My Wealth Method, the FSCA considers it in the best interest of the public to disclose that it is currently conducting an investigation into the activities of My Wealth Method. The purpose of the investigation is to establish whether the business activities of My Wealth Method is in breach of any financial sector law.

The FSCA advises that My Wealth Method is not authorised to render any financial advisory and/or intermediary services in terms of the Financial Advisory and Intermediary Services Act No. 37 of 2002 (FAIS Act). My Wealth Method is also not registered as a bank in terms of the Banks Act No. 94 of 1990.

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.