Guiding consumers since 2009

“FSB letter” used in loan scam

By Alina Hardcastle

The Financial Services Board (FSB) has issued a warning to the public about a scam that solicits money from unsuspecting individuals.

The regulator explained that the scam works as follows: An entity called Skene Finance Group is offering the public loans. If you apply for the loan, you will receive a letter with the FSB’S logo and a picture of the deputy registrar of financial service providers, Caroline da Silva. The letter instructs that you pay an “enclosure fee” of R13 000 prior to receiving the loan amount.  The letter states that fee will be refunded within 24 hours after the loan is released. It further states that FSB requires payment of the “enclosure fee” for the loan transaction to be completed.

The FSB said that it does not approve loan transactions and would never require a member of the public to pay an “enclosure fee”.

The FSB is not in any way affiliated to Skeme Finance Group, which is not approved by the FSB, and the letter purporting to be from the FSB is fraudulent.

The FSB reminds consumers that is important for people to conduct business with authorised financial advisers and service providers. To see if a person or company is registered, you can visit the FSB website or contact them on 0800 110 443.

Handy tip: If you need investment advice, click here.

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