The FSCA has stressed the need for the public to verify whether a financial entity or individual is registered, as it warns against conducting any financial activities with Mandla Lamba.
The Financial Sector Conduct Authority (FSCA) has issued a public warning against Mandla Lamba. In a statement on Thursday, 9 September 2021, the authority cautioned the public against conducting any financial activities with Lamba.
The authority noted information it had received regarding Lamba allegedly conducting unregistered business and offering members of the public shares on social media and other broadcasting platforms, while reportedly promising unrealistic returns. The FSCA also confirmed that Lamba is not authorised in terms of the Financial Advisory and Intermediary Services (FAIS) Act 2002 to render any financial advice and intermediary services. Lamba is also reported to be linked to the Mandla Lamba Billionaires Club, Agilitee (PTY) LTD, Verityhurst Academy (PTY) LTD and Verityhurst Capital (PTY) LTD, amongst others, all of which are noted by FSCA to not be authorised
