Caution Against Unauthorised Financial Services Provider: Prestige Wealth Solutions

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) hereby cautions members of the public to exercise extreme vigilance when dealing with Prestige Solutions Financial Consultancy (Pty) Ltd, trading as Prestige Wealth Solutions (“Prestige Wealth”).

NBFIRA wishes to inform the public that Prestige Wealth Solutions is not licensed or authorised under the laws of Botswana to provide financial advice, investment services, or any intermediary financial services within the Republic.

The Authority has noted that Prestige Wealth is offering investment-related services, including offshore pension transfer arrangements such as Qualifying Recognised Overseas Pension Schemes (QROPS). These arrangements typically involve the transfer of pension benefits to offshore jurisdictions and may expose consumers to significant financial risks, particularly when facilitated by unregulated entities.

Investigations by the Financial Sector Conduct Authority (FSCA) in South Africa have established that the entity operated without the requisite authorisation in terms of the Financial Advisory and Intermediary Services Act. Additionally, the Financial Markets Authority (FMA) in New Zealand has issued a warning against the entity for providing financial services without the required registration.

NBFIRA is concerned that similar solicitations may be directed at Botswana residents, including unsolicited communications promoting offshore investment opportunities.

Members of the public are strongly advised to:

• Verify the licensing status of any financial services provider with NBFIRA before engaging in any transaction;
• Exercise caution when approached with offshore investment or pension transfer opportunities;
• Avoid dealing with individuals or entities that are not authorised or that misrepresent their regulatory status; and
• Report any suspicious financial service offerings to NBFIRA without delay.

Important Reminder

Engaging with unlicensed financial service providers exposes consumers to significant risks, including financial loss, fraud, and absence of regulatory protection.

Contact NBFIRA

For verification or to report suspicious activities, please contact:

Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
Tel: +267 3686100 / 3102595
Email: info@nbfira.org.bw
Website: www.nbfira.org.bw