Wednesday, June 21, 2017
Financial Services Board bars ANN7 business editor Clive Ramathibela-Smith from giving financial advice after clients' funds were not invested according to instructions.
The business editor of ANN7 (DStv 405) Clive Ramathibela-Smith is off the air and gone from TV screens after the Financial Services Board (FSB) withdrew the licence of Clivera Consulting and barred economist Clive Ramathibela-Smith from providing further financial advice.
The registrar of financial services providers on 26 April 2017 debarred Phelegetso Ramathibela from rendering financial services, according to a FSB statement.
The decision to debar Clive Ramathibela-Smith came after a FSB investigation on Clivera Consulting and Clive Ramathibela-Smith following complaints from Clivera Consulting clients.
The effect of the registrar's decision is that Clivera Consulting and Clive Ramathibela-Smith are prohibited from rendering any financial services or to give financial advice according to the FAIS Act.
According to the FSB two clients - one of who is a pensioner - lost money. Both said that they approached Clive Ramathibela-Smith for investment advice to invest money.
According to the FSB "our investigation into the complaints found that funds sent to Clivera Consulting's bank account were not invested according to their instructions," but ended up being misinvested by Clivera Consulting.
According to reports Clive Ramathibela-Smith will appeal the decision.