South Africa's Financial Sector Conduct Authority has issued a public warning urging the public to exercise caution when conducting financial services transactions with Oaken Financial Services (Pty) Ltd, SMD Capital (Pty) Ltd and individuals associated with these entities, including a person claiming to be Mr Divan Dixon, as well as Mr Stephen Gregory Hall and Mr Michael Jacobs. The FSCA determined that these parties are not authorised under South African financial sector law to provide financial products or financial services. The regulator found that neither Oaken Financial Services nor SMD Capital is licensed as a financial services provider under the Financial Advisory and Intermediary Services Act, 2002, and cited evidence suggesting Mr Dixon misrepresented himself as a financial professional and facilitated the investment of pension funds through SMD Capital. Oaken Financial Services was marketed as offering services ranging from accounting, auditing and tax to credit and short-term insurance, bonds and guarantees, business and financial consulting, and asset and wealth management, while SMD Capital presented itself as providing credit intermediation, loan-related services, investment opportunities, trading services and financial planning. The FSCA urged consumers to verify authorisation on its registers and flagged warning signs such as an FSP number that does not match the name on FSCA records.
South Africa Financial Sector Conduct Authority 2025-12-12
South Africa's Financial Sector Conduct Authority issues public warning against unlicensed Oaken Financial Services and SMD Capital and associated individuals
The South Africa Financial Sector Conduct Authority (FSCA) warns against Oaken Financial Services (Pty) Ltd, SMD Capital (Pty) Ltd, and individuals, including Mr. Divan Dixon, Mr. Stephen Gregory Hall, and Mr. Michael Jacobs, for unauthorized financial activities. These entities lack licenses under the Financial Advisory and Intermediary Services Act, 2002, with noted misrepresentations. Consumers should verify authorization on FSCA registers and be cautious of mismatched FSP numbers.