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FSCA warns the public against Cent Growth Investment (Pty) Ltd

FSCA warns the public against Cent Growth Investment (Pty) Ltd
26-10-21 / Staff Writer

FSCA warns the public against Cent Growth Investment (Pty) Ltd

Pretoria - The Financial Sector Conduct Authority (FSCA) has today issued a caution statement to the public against doing any financial services business with Cent Growth Investments  (Pty) Ltd (“Cent  Growth Investments”) and or Mr Tshepiso Mabitle (“Mr Mabitle”) who the regulator says are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act). 
The FSCA said according to the information it received, Cent Growth Investments which is run by Mr Mabitle,  recruits members of the public through Facebook and offers  them  an opportunity to invest in forex through his entity. The regulator said clients are advised to deposit funds into the Cent Growth Investment bank account and may lodge withdrawals after 12 months of investing.

According to the complaint received by the FSCA, clients have not been able to receive their returns and their numerous attempts to get hold of Mr Mabitle have been unsuccessful. The FSCA confirmed that neither Cent Growth Investments nor Mr Mabitle are authorised by the regulator to render any financial services, despite it offering forex products to members of the public.  
"Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory  and Intermediary Services and what category of they are registered to provide. There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature.
"The FSCA reminds customers who wish to conduct financial services with an institution or  person to check beforehand with the FSCA on either the toll free number (0800 110 443) or on  https://www.fsca.co.za/Fais/Search_FSP.htm  whether such institution or person is authorised to render financial services," the regulator concluded.

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