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FSCA warns against conducting financial activities with Weownomy

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The FSCA has warned the public to be cautious of conducting any financial activities with Weownomy, as it believes it may not be authorised with the FAIS.

The Financial Sector Conduct Authority (FSCA) issued a statement on Wednesday, 8 September 2021, warning members of the public to be cautious when conducting any financial activities with Weownomy. According to the FSCA, it is likely not authorised to render any advisory or intermediary services in terms of the Financial Advisory and Intermediary Services (FAIS) Act.

The FSCA is said to have received information from a member of the public raising material concerns, leading the authority to assume that Weownomy is likely to be conducting financial services. Therefore, it is required to have an actual financial services provider license from the FSCA, in order to conduct such services in South Africa.

The FSCA  urged the public to ensure that they always check that an entity or individual is registered with the authority to provide financial advisory and intermediary services, as well as the category of advice the entity is registered to provide.

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