FSB’s hands tied on crowd funding

“Crowd funding is an activity that falls outside of the regulatory net of the FSB.”

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Cape Town – The Financial Services Board (FSB) has warned the public to be wary of crowd funding organisations that claimed to have a FSB licence, the organisation said on Thursday.

The FSB, after investigating claims concerning that “an entity called Wealth Migrate holds an FSB licence” said they “do not have any record of the entity”.

Morever, spokesperson Tembisa Marele, said that the organisation “has not issued a licence to Wealth Migrate and the company is also not a juristic representative of an authorised financial services provider”.

Noting that Wealth Migrate appears to be involved in crowd funding, Marele said: “Crowd funding is an activity that falls outside of the regulatory net of the FSB.”

ANA