The Financial Sector Conduct Authority (FSCA) has warned the South African public to “act with caution” when dealing with Prestige Solutions Financial Consultancy.
The advice firm, which trades as Prestige Wealth Solutions (PWS), is not authorised to provide services under South Africa’s Financial Advisory and Intermediary Services Act (2002).
In a statement, the regulator said: “It came to the attention of the FSCA that Prestige Wealth rendered investment advice and intermediary services to the public, through its representatives without the necessary authorisation, in which most of the financial services related to the qualifying recognised overseas pension schemes (Qrops).
“This is related to the transfer of UK pension benefits to offshore investment schemes and trusts situated in foreign jurisdictions.”
The regulator said that Prestige Wealth applied for a Financial Services Provider (FSP) licence with the FSCA – but withdrew its application.
Through its investigation, the FSCA discovered that the firm had “unlawfully displayed their temporary application registration number as an authorised FSP”.
Targeting Kiwis
The warning from the South African regulator follows similar action by the Financial Markets Authority (FMA) of New Zealand.
On 27 June 2018, the FMA said it had been made aware that “Prestige Wealth Solutions and its associates are offering financial services to New Zealand residents via unsolicited telephone calls”.
It reiterated that PWS was “not registered as a financial service provider in New Zealand”.
Both the New Zealand and South Africa regulators urged members of the public to get in contact if they have been approached by Prestige Wealth.
Dubai based
The address given on the FMA warning notice was Burj Al Salam Tower, Office 803, Sheikh Zayed Road, Dubai, United Arab Emirates.
The website link provided in the notice takes users to the website of PWS Group, which described itself as “a firm of independent financial advisers serving expatriates globally”.
“Our main areas of financial expertise include advising on British pensions, overseas pension transfers, lifetime allowance tax planning, inheritance tax planning and wealth management.
“We also have skilled brokers capable of efficiently arranging life insurance, critical illness cover and regular investment plans from leading financial institutions.”
