The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when conducting financial services business with Livestock Wealth Financial Services (Pty) Ltd (Livestock FS) and Livestock Wealth (Pty) Ltd (Livestock Wealth).
“It has come to the attention of the FSCA that Livestock Wealth may be unlawfully offering members of the public investment into livestock and/or agricultural product(s), offering profitable returns upon maturity of the livestock and/or agricultural product(s),” said FSCA.
The Authority points out that Livestock Wealth is not authorised to render any financial services related business in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act). It is of concern that Livestock Wealth has also been making use of Livestock FS’ financial service provider number on Livestock Wealth’s website. As a result, the Authority has commenced an investigation into Livestock Wealth.
Livestock Wealth is currently under investigation by the FSCA.
“We therefore caution the public when doing financial services business with Livestock Wealth,” said FSCA.
Livestock FS is a licensed FSP, with FSP number 51237, licensed to render Category I financial products and services.
The Authority further points out that Livestock FS is also under investigation due the usage of its FSP number by Livestock Wealth.
The FSCA emphasises that the investigations are not completed and the FSCA has made no findings to date. The FSCA will update the public at the conclusion of the investigation of any administrative sanctions it may consider imposing against the relevant parties.
