The South Africa Financial Sector Conduct Authority has concluded its investigation into Ms Chantelle Kleynhans and Mr Pieter Willem van der Walt, imposing administrative penalties totalling ZAR 2.1 million and debarring both individuals for 20 years for rendering financial services without the required authorisation. The conduct involved soliciting deposits from members of the public with the promise of trading in foreign exchange on their behalf. Kleynhans was fined ZAR 1,550,000 and Van der Walt ZAR 550,000, with the FSCA finding they contravened section 7(1) of the Financial Advisory and Intermediary Services Act, 2002 by providing financial services without authorisation. The FSCA will refer its investigation report to the South African Police Service for further investigation and has advised the public to verify FSCA authorisation status, including matching the financial services provider number to the name on the official database, and to exercise caution with unsolicited or social media investment offers.
South Africa Financial Sector Conduct Authority 2025-11-13
South Africa Financial Sector Conduct Authority debars Chantelle Kleynhans and Pieter van der Walt for 20 years and levies ZAR 2.1 million in penalties over unlicensed forex deposit solicitation
The South Africa Financial Sector Conduct Authority has imposed penalties totaling ZAR 2.1 million and a 20-year debarment on Ms Chantelle Kleynhans and Mr Pieter Willem van der Walt for unauthorized financial services. They solicited public deposits, promising foreign exchange trading. The FSCA will refer the case to the South African Police Service and advises the public to verify authorization status and be cautious with unsolicited investment offers.