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FSCA warns the public against Denco Financial Services

Publish date: 03 May 2019
Issue Number: 69
Diary: CompliNEWS
Category: Alert

The Financial Sector Conduct Authority (FSCA) has warned the public to act with caution when dealing with Denco Financial Services. Denco Financial Services is not authorised in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act), to render any financial advice and intermediary services.

The FSCA received information that a person named Jane Schofield is soliciting funds from people, purporting to act for an authorised company named Denco Financial Services FSP Number 42249 (Dencofin). The person alleges to offer free financial advice to persons who wish to purchase other people’s investment policies.

Dencofin has confirmed that no connection exists between them and the said individual. It is the FSCA’s view that the abovementioned entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.

Full FSCA release

Working Smart

By Lee Rossini

Most financial advice businesses start off small, usually with the founder playing the role of owner, manager and financial adviser. However, as the business grows, planning and implementing organisational structures becomes more of a priority as the need for specialised positions and departments arises. The organisational chart, job design and analysis form an important part of this process. The information gathered from these exercises, specifically the job analysis, is subsequently used to draw up the job descriptions (JD).    

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