South Africa's Financial Sector Conduct Authority is warning the public against acompany called Western Loan Finance, which falsely uses the name of the now-defunct Financial Services Board to defraud members of the public by offering them opportunities to receive financial loans.

According to the FSCA's information, Western Loan uses the ‘FSB’ name in a deceitful manner to offer loans to each victim and ask for an enclosure fee in order to release the loan. It is the FSCA’s view that this company and all people linked to it are conducting unregistered business and in breach of various financial sector laws, including the Financial Advisory and Intermediary Services Act 2002.

The FSB ceased to exist as the market regulator and was replaced by the 181-man FSCA on 1 April 2018. The Government has sent out no FSB-related correspondence since then.