COMPANIES NOT REGISTERED TO RENDER FINANCIAL ADVICE

Mandla Lamba, who 10 years ago dubbed himself South Africa’s youngest billionaire, has recently resurfaced with a company that promises “too-good-to-be-true” investment returns. The Financial Sector Conduct Authority says it received information that Lamba is conducting an unregistered business and offering shares to members of the public on social media and other broadcasting platforms, promising them unrealistic returns. “The FSCA points out that Mandla Lamba is not authorised to render any financial advice and intermediary services.”