On 30 August 2018, the Financial Sector Conduct Authority (FSCA) warned the public to act with caution when dealing with Tshwaranang Community Stockvel (Tshwaranang) as this Stockvel is not authorised to render any financial advice and/or intermediary services.
According to the information received by the FSCA, there is a person(s) purporting to act for Tshwaranang and asserting that they are a registered FSP.
Clients who have invested their funds with Tshwaranang have been promised 50% interest after 30 working days; however, the clients have never received their returns.
Consumers are reminded that they should first check whether a person or institution with whom they wish to conduct financial services business is authorised to render financial services.
Click here to read the FSCA’s Press Release.