The FSCA is warning the public about the Miway Express Credit Solutions, an entity that claims to be an authorised financial services provider. Picture: File
The Financial Sector Conduct Authority (FSCA) has warned the public about an entity that operates under the name Miway Express Credit Solutions.
This comes after MiWay Insurance Limited (FSP 33970), a South African insurance company and licensed financial services provider, reported the fraudulent activities of Miway Express Credit Solutions to the FSCA.
MiWay said: “MiWay has no affiliation with MiWay Express Credit Solutions.”
According to the FSCA, Miway Express Credit Solutions misrepresents its affiliation with legitimate financial institutions as well as makes false claims of being a registered and authorised financial services provider.
The entity has been misleading the public by offering personal, business, and credit repair loans, as well as insurance products like funeral plans and accident plans.
Miway Express Credit Solutions falsely claims that its insurance products are underwritten by Guardrisk Life Limited (FSP 76) and Guardrisk Insurance Company Limited (FSP 75).
Both Guardrisk Life Limited and Guardrisk Insurance Company Limited have confirmed that they have no association with Miway Express Credit Solutions.
The entity claims to be registered with the National Credit Regulator (NCR) under registration number NCRCP 9170, however, the NCR has confirmed that the registration number belongs to Tzaneenbased company Easy Cash Loans (Pty) Ltd.
Miway Express Credit Solutions is not registered with the FSCA as an authorised financial services provider.
MiWay Insurance Limited has also confirmed that it has no affiliation with Miway Express Credit Solutions, despite attempts from the entity to create the false impression of a connection to MiWay Insurance Limited.
The FSCA has advised the public not to conduct any business with Miway Express Credit Solutions, as it not an authorised provider of financial services or products.
“Engaging with this entity may result in financial loss,” the FSCA said.
The public must verify the credentials of financial services providers by visiting the FSCA’s website or contacting the FSCA directly.
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