The Financial Sector Conduct Authority (FSCA) has warned the public to tread with caution when doing any financial services with businessman Mandla Lamba.
In a statement, the FSCA said it had received information that Lamba was conducting unregistered business and offering shares to members of the public on social media and other broadcasting platforms, promising them unrealistic returns.
Lamba recently received extensive media coverage on his business venture for which he sought investors. He has previously had run-ins with law enforcement agencies.
"The FSCA points out that Mandla Lamba 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 reads.
Flagged companies linked to Lamba include the Mandla Lamba Billionaires Club, Agilitee (Pty) Ltd, Verityhurst Academy (Pty) Ltd, Verityhurst Capital (Pty) Ltd.
"Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services, and what category of advice it is that the entity is 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," said the Authority.
The FSCA urged consumers 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 the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services, and in particular, which financial products they are licensed for