FSCA warns the public against MiWay Team Mining
Pretoria - The Financial Sector Conduct Authority (FSCA) has today warned the public to be cautious when conducting financial business with MiWay Team Mining (Team Mining).
The FSCA said it has received information that Team Mining is conducting unauthorised financial services, and according to the information it obtained, Team Mining was claiming to be associated with EasyEquities (Pty) Ltd (EasyEquities), an authorised Financial Services Provider (FSP) with license number 22588.
The regulator said EasyEquities had confirmed that it has no relationship with Team Mining, and wanted to further point out that Team Mining has no relationship with MiWay Insurance Ltd, an authorised FSP with license number 33970.
For a person to trade in or offer financial instruments on behalf of clients in South Africa, such a person must be licensed to do so by the FSCA, it said, adding that it wished to inform the public that Team Mining is not authorised as a FSP in terms of the Financial Advisory and Intermediary Services (FAIS) Act to provide financial advisory and intermediary services.
The FSCA said it had made attempts to contact Team Mining without success, and members of the public should always ensure that an entity or individual is suitably authorised by itself (FSCA) to provide the specific financial product or service being offered.
Before any purhcase of a financial product in the SA market, if in any doubt, please chekc any one of the following:
1) Toll-free number: 0800 110 443
2) Online search for authorised financial institution by license category:
https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-Entities-
Persons.aspx
3) Online search for a financial institution that is an authorised FSP in terms of the
FAIS Act: https://www.fsca.co.za/Fais/Search_FSP.htm
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