The FSCA advises the public not to conduct any business with an entity called Miway Express Credit Solutions, which is trying to create the impression that it is connected with MiWay Insurance.
MiWay Insurance Limited, a legitimate and licensed financial services provider (FSP Number 33970), is in no way affiliated with Miway Express Credit Solutions.
Miway Express Credit Solutions falsely claims to be a registered and authorised financial services provider, the FSCA said.
Miway Express Credit Solutions has been offering loans – including personal, business, and credit repair loans – and insurance products, such as funeral plans and accident plans, despite the fact that it is not authorised to provide financial services or products.
The entity also falsely claims that its insurance products are underwritten by Guardrisk Life Limited (FSP 76) and Guardrisk Insurance Company Limited (FSP 75), both of which have confirmed they are not associated with Miway Express Credit Solutions.
In addition, Miway Express Credit Solutions claims to be registered with the National Credit Regulator (NCR) under registration number NCRCP 9170. The NCR has confirmed that this registration number belongs to Easy Cash Loans (Pty) Ltd, a company based in Tzaneen, and not to Miway Express Credit Solutions.
The FSCA warns that engaging with Miway Express Credit Solutions may result in a financial loss.
Juan Albert Mayer
The FSCA has warned the public against doing financial services-related business with Juan Albert Mayer, Umvuzo Lifestyle Creators, AW Fund Management (Pty) Ltd, Dial A Mula Administrators, Hunters Wealth Empowerment, and Umvuzo Management Group.
Umvuzo Lifestyle Creators and Umvuzo Management Group should not be confused with Umvuzo Health, which is a registered medical scheme.
The Authority said Mayer and the associated entities are soliciting investments from members of the public, promising high returns and claiming to be associated with Negroni Group (Pty) Ltd (FSP No. 46975).
Negroni Group is not associated with Mayer and the entities linked to him.
It is the FSCA’s view that Mayer and the associated entities are conducting unregistered financial services business.
Another Telegram impersonation scam
The FSCA has also warned the public about people on Telegram who purport to represent the following three authorised FSPs:
- Discovery Insure Limited (FSP 43064);
- Sanlam iTrade, an online division of Sanlam Private Wealth (Pty) Ltd (FSP 37473); and
- iFX Brokers Holdings (Pty) Ltd (FSP 48021) and its chief executive, Hannelé de Necker.
It has come to the Authority’s attention that individuals are using Telegram groups to solicit funds from members of the public by claiming to be associated with Discovery, Sanlam iTrade and iFX.
People who join the Telegram groups are promised unrealistic returns on their investment.
All three FSPs and De Necker have confirmed that they are not associated with the Telegram groups or the administrators of these groups. They also confirmed that they do not engage in the activities offered on these Telegram groups.
The administrators of the groups were not available for comment.
The FSCA urged the public to exercise caution when encountering such schemes on messaging platforms and social media, because these types of scams are becoming increasingly common.
The tell-tale danger signs of an investment scam include:
- unrealistic returns;
- claims that the entity or person does not require an FSCA licence;
- vague information about the investment product;
- calls for the investor to act urgently; and
- requiring investors to pay in more money to have their investment returned to them.
Check before you invest
The FSCA says members of the public should always check the following:
- That an entity or individual is authorised by the FSCA to provide financial products and services, including for providing recommendations about how to invest.
- The category of advice the person is registered to provide, because there are instances where companies or people are registered to provide basic advice for a low-risk product but advice on far more complex and risky products.
- That the FSP number used by the entity or individual offering financial services matches the name of the FSP on the FSCA’s database.
You can check whether an entity or person is authorised to provide financial products and services by:
- Phoning 0800 110 443 (toll-free)
- Conducting an online search for an authorised financial institution by licence category: https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-Entities-Persons.aspx
- Conducting an online search for a financial institution that is an authorised FSP: https://www.fsca.co.za/Fais/Search_FSP.htm
