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Donafin (Pty) Ltd, Wescott and Lincoln Still Rendering Unauthorised Financial Services 6 Years Later

On 18 May 2018 the FSCA warned the public against doing financial services related business with Donafin (Pty) Ltd (Donafin) and its representatives Mr Sean Westcott (Mr Westcott) and Mr Leon Lincoln (Mr Lincoln)- see copy of that notice below.

The FSCA informed the public that Donafin and its representatives rendered unauthorised financial services, when assisting members of the public with their claims in respect of pension fund benefits. The South African Police Service investigated the allegations against Donafin and its representatives, resulting in the arrest of amongst others Mr Westcott.

The FSCA has learnt that Donafin and Mr Lincoln have despite the public warning continued to provide unauthorised financial services to members of the public, in respect of unclaimed pension fund benefits. Donafin and Mr Lincoln are alleged to be charging a fee of R1500, to assist members of the public with their claims for pension fund benefits. As a result of the latest complaint, and in the interests of the public, the FSCA again warns the public against doing any financial services business with Donafin and Mr Lincoln. Donafin and Mr Lincoln were not available for comment.

Members of the public should always check:

  • that an entity or individual is authorised by the FSCA to provide financial products and services, including for giving recommendations about how to invest.
  • what category of advice the person is registered to provide, as there are instances where companies or people are registered to provide basic advice for a low-risk product and then offer advice on far more complex and risky products.
  • that the FSP number utilised by the entity or individual offering financial services matches to the name of the FSP on the FSCA database.
  • in the case of social media offers, call the contact number that is registered with the FSCA for the provider, to check that the offer is legitimate and guard against fraud by impersonation or false association.

18 May 2018 – FSCA warns the public against Donafin (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) would like to warn the public to act with caution when dealing with an entity called Donafin (Pty) Ltd (“Donafin”) and its representatives Sean Westcott (“Mr Westcott”) and Leon Lincoln (“Mr Lincoln”). Donafin, Mr Lincoln and Mr Westcott are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services.

Donafin is rendering financial services to the public, including charging a fee for the claiming of pension fund benefits, alleging that these funds were invested overseas and that they have been fighting to have them returned to the members of the public. From the information gathered by the FSCA it appears that Donafin has been operating in KwaZulu-Natal as well as in the Gauteng Province. It is the FSCA’s view that the abovementioned individuals are conducting an unregistered business and providing advisory and intermediary services without the necessary authorisation. This means that members of the public are not protected.

The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services.

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