The FSCA has published a warning to the public against doing any financial services with Destinata 104 (Pty) Ltd and Wealth Solutions Investments & Development Partners.
The said entities are soliciting funds from members of the public by offering investment opportunities in the student accommodation sector. They promise a total net return of 230% on the investment. The entities claim that the high returns are based on connections with Goldman Sachs and Old Mutual however both Goldman Sachs and Old Mutual have confirmed that no connection exists between them and the said entities.
Read the FSCA Press Release: FSCA warns the public against Destinata 104 (Pty) Ltd and Wealth Solutions Investments & Development Partners
FSPs are reminded that should you receive any marketing material or are approached to market a product, always do a thorough check before deciding to engage with entities or to offer products to clients. Having and following a sound Due Diligence process in your business is of the utmost importance and will save you in the long run.
For more information on the Due Diligence process, possible questions to ask a Product Provider, and possible questions about the Product, in the article: The importance of the Due Diligence process