FSB warns public against two financial services providers

The Financial Services Board (FSB) has warned the public against two financial services providers, Millenniums Financial Services CC and Arion Loan (Pty) who are claiming to have the authority to sell financial services to the public when they are in fact not properly registered to do so.

Millenniums Financial Services

Millenniums Financial Services has claimed to be a registered financial services provider, however, it is “not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services,” explained the FSB.

According to the FSB, Millenniums Financial Services has been using a fake FSB certificate to con the public into believing that it is a registered credit provider. However, it is not and is therefore offering financial services illegally.

The FSB stated: “The copies of the certificate shown to unsuspecting members of the public are faked from the original certificate of Econorisk Administration Services (Pty) Ltd – FSP 24171 – with its name replaced by Millenniums Financial Services CC. 

“Econorisk Administration Services (Pty) Ltd is authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render financial advice and intermediary services. 

“Econorisk Administration Services (Pty) has indicated to the FSB that it has no connection whatsoever with Millenniums Financial Services CC,” added the FSB.

Arion Loan

As with Millenniums Financial Services above, Arion Loan is purporting to be a registered financial services provider when it is not. Arion Loan is not authorised to provide any financial advice or intermediary services.

Arion Loan is also reportedly using a fake FSB certificate to deceive the public. The copies of the certificate shown to the public are for Africa Vukani Investment Management Service (Pty) Ltd (FSP 691), where the name has been replaced by Arion Loan (Pty).

“Arica Vukani Investment Management Services (Pty) Ltd FSP 691 is authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advice and intermediary services,” noted the FSB.

Africa Vukani Investment Management Services has pointed out to the FSB that it has no connection to Arion Loan.

The FSB stressed that consumers should check whether an institution or person is allowed to engage in providing financial services with the FSB beforehand to ensure that they are not scammed out of their money. The FSB can be contacted on the toll free number 0800 110 443 or via the website.