The Financial Services Board (FSB) warns the public to refrain from conducting any financial services business or investing funds with Discount Mart Cleaning Services CC trading as DMC Holdings (DMC) and/or Mr Abdool Younus Karim who acts on behalf of DMC.
The FSB has established that the above mentioned persons are rendering financial services without being authorised to do so in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act) and in particular they are not authorised to sell any financial product to the public or to receive or hold investment funds from the public.
The FAIS Act was introduced to create a responsible and safe investment environment for investors. The FAIS Act together with its subordinate legislation contains detailed provisions and rules relating to the requirements for persons or entities who engage in the business of rendering financial services to the investing public. Such persons and entities need to be authorised (licensed) by the Registrar who will, in doing so, scrutinize the applicants for their fitness and propriety in relation to personal character qualities of honesty and integrity, competence, operational ability and financial soundness.
The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800110443) or on the website www.fsb.co.za as to whether or not such institution or person is authorised to render financial services.
The FSB is currently conducting an inspection, which is on-going, into the affairs of DMC and its associated institutions.
FSB Press Release – 09 September 2014
Enquiries: Ms Tembisa Marele
Communications Specialist
Financial Services Board
Email address: Tembisa.Marele@fsb.co.za
Telephone: 012 428 8025
083 754 2052
