South African regulator fines asset manager
For promoting and soliciting unapproved offshore funds to investors
For promoting and soliciting unapproved offshore funds to investors
They allege that a subsidiary of Commonwealth Bank pushed them into overpriced policies
Cheats around the world ‘should be on notice that their days of non-compliance are over’
Lack of financial literacy could pose a problem for the development of the sector
They managed to con at least 25 investors out of $4.85m
But PFS chief says it works with the UK regulator to complete checks
Also transferring money to Colombia and creating a bogus church
It now places responsibility with intermediaries to put in place sound risk governance structures
It sent incomplete information to clients which limited their investment choices
Regulator blames ‘consistent and highly inconsiderate bad publicity’ for drop in applications
As letter to advisers re-emphasises the watchdog’s expectations
As regulator admits it is unable to fully police problematic ads on Google