FSB warns on Millenniums Financial Services

The Financial Services Board says South Africans should be wary of Millenniums Financial Services as it is not registered.

In a statement issued on Wednesday, the board warns the public to act with caution when dealing with Millenniums Financial Services CC and it agents.

It notes the company is purporting to be registered as a financial services provider, and its agents.

“Millenniums Financial Services CC is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.”

The statement notes the FSB has received information that Millenniums Financial Services CC is using a fake FSB certificate to dupe the public into believing that it is a registered FSP and provide financial services illegally.

The copies of the certificate, shown to unsuspecting members of the public are faked from the original certificate of Econorisk Administration Services, although the name of the entity has been replaced, says the FSB.

“Econorisk Administration Services (Pty) Ltd is authorised in terms of the Financial Advisory and Intermediary Services Act to render financial advice and intermediary services.”

Econorisk Administration Services has indicated to the FSB that it has no connection whatsoever with Millenniums Financial Services CC, the board says.

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