South African regulator the Financial Sector Conduct Authority (FSCA) has alerted investors to be cautious of individuals using a WhatsApp scam impersonating T Rowe Price International.
The watchdog said the operation uses a similar sounding alias – T Rowe Investment – to carry out “unauthorised financial services to unsuspecting financial consumers”.
The FSCA received information from financial services firm Prescient Fund Services (Pty), which acts as the appointed representative of T Rowe Price International in South Africa, that an unknown individual/entity has set up a WhatsApp scam.
It said: “The individuals operate as T Rowe Investment and solicit investments from unsuspecting members of the public.
The FSCA warns the public against doing any financial services related business with the individual and/or entity.”
Response
T Rowe Price International has confirmed to FSCA that Prescient Fund Services (Pty) is acting as the appointed representative in South Africa and that an entity called T Rowe Investment “does not correspond with any legal or informal entity name within their Group, and the use of such terminology should be seen as a poor imitation of their company’s brand, logo and likeness”.
According to FSCA’s records, T Rowe Price Investment is not an authorised FSP; is not a representative of an authorised FSP and there is no record of an application to become an authorised FSP with the FSCA.
Therefore, it is not authorised to carry out financial services.
