The Financial Sector Conduct Authority (FSCA) has advised the public to exercise caution when engaging online platform Moneyweb-Invest for financial services, flagging it for making unrealistic promises and fraudulent activity by linking itself to media entity Moneyweb.
The sector watchdog issued a statement on Monday confirming that the entity has no authorisation, in line with financial sector law, to offer financial services or provide financial products, as doing so would require licensing by the FSCA, which the entity does not have.
“Moneyweb-Invest uses online platforms to offer clients the opportunity to invest in one of three plans, promising unrealistic returns within three days. This is a clear indication that the offering is not legitimate,” the FSCA said.
The FSCA further called out the entity for fraudulently associating itself with Moneyweb, claiming to be the financial media group’s “flagship internet brand”, a claim the FSCA has confirmed is false.