The FSCA received information that Exclusive Life Financial Services (Pty) Ltd (“Exclusive Life”) is materially contravening its licensing conditions in that it is purported to be promoting a product that is not lawfully authorised. “Furthermore there are allegations that some investors who have invested money in the scheme have not received the promised returns including the principal invested amount,” the FSCA says in a statement.
Based on the information at the disposal of the FSCA and in order to protect the interests of the investors from being further compromised, the licence of Exclusive Life has been provisionally withdrawn.
The FSCA again reminds 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 as well as for which services and financial products they are authorised.
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