The FSCA warns the public not to conduct any financial services business or invest funds with Moneyweb Corporate Bank Limited (also trading as Moneyweb Private Bank).

Moneyweb Private Bank is fraudulently using the logo of Moneyweb – a South African media company, to solicit investments from the public. Moneyweb Private Bank is not authorised in terms of the FAIS Act (2002) to render any financial advice and intermediary services. Based on the information received, the FSCA has reason to believe that Moneyweb Private Bank Limited is unlawfully operating as a financial services provider by rendering financial services without authorisation.

Any entities rendering financial services without a licence or being appointed as representatives are acting in contravention of the FAIS Act. Such a contravention is an offence which carries a fine not exceeding R10 million or a period of imprisonment not exceeding 10 years.

Full statement here: fsca.co.za/News%20Documen