Accredited financial institutions are regulated and supervised, by either the South African Reserve Bank, National Consumer Commission or the Financial Sector Conduct Authority.
There are strict rules and controls that accredited financial institutions must follow to protect your savings. While unregulated and unsupervised institutions, people and groups don’t follow these rules and your money is at great risk with them. An investment is a long-term commitment for your future wealth, so you must be confident that your money is safe.
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Make sure that you only give your money to a company or person that is registered as an accredited financial services provider and a deposit taking institution in terms of the Banks Act. Take the time to check with a respected and registered adviser.
For more information visit www.resbank.co.za or to find out if a business is accredited contact the Financial Sector Conduct Authority Fraud and whistleblowing Hotline: 0800 313 626.
