FSCA Press Release
22 January 2025
The FSCA takes regulatory action against Livestock Wealth (Pty) Ltd and Mr Ntuthuko Shezi and the FSP licence of Livestock Wealth Financial Services (Pty) Ltd is lapsed
The Financial Sector Conduct Authority (FSCA) has previously warned the public to be cautious when dealing with Livestock Wealth Financial Services (Pty) Ltd (Livestock Wealth Financial Services) and Livestock Wealth (Pty) Ltd (Livestock Wealth) as it appeared that they may be offering investments to members of the public. The FSCA was concerned that Livestock Wealth appeared to have been making use of Livestock Wealth Financial Services’ financial service provider (FSP) number on Livestock Wealth’s website.
The FSCA now reports that it has finalised its investigation and it did not find evidence of the investigated parties having conducted unregistered business. Livestock Wealth and Shezi offered, solicited and/or advertised investments in agricultural products which are not financial products and therefore a licence was not required.
However, the FSCA imposed administrative penalties of R50 000 each on Livestock Wealth and Mr Ntuthuko Shezi (Shezi). This penalty is based on the finding that Livestock Wealth displayed the copy of the FSP licence of Livestock Wealth Financial Services on its website. This created or could have created the impression that Livestock Wealth was an authorised FSP, which was misleading. Therefore, Livestock Wealth and Shezi contravened section 111(4) of the Financial Sector Regulation Act, No. 9 of 2017 read with section 8(9)(b) of the Financial Advisory and Intermediary Services Act, No. 37 of 2002 and Regulation 3(b) of the Financial Advisory and Intermediary Services Regulations, 2003.
The FSCA also informs the public that the FSP licence of Livestock Wealth Financial Services has lapsed due to the FSP being dormant for some time.
The FSCA considered that the investigated parties fully cooperated with the investigation at all times.