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Premier Life licence withdrawn

The Registrar of Financial Services Providers withdrew the licence of Premier Life (Pty) Ltd (‘Premier’) to act as a financial services provider. The withdrawal prohibits the company from conducting business as a FSP with immediate effect.

The Registrar of Financial Services Providers received a number of complaints regarding the conduct of Premier and after investigation, adverse findings were made against Premier and its associated individuals. The findings showed that Premier operated an unlicensed collective investment scheme known as the Premier Enchanced Cash Fund and/or the PECF Fund (the ‘Fund’) from its offices in Durbanville, Cape Town.

Two individuals, Mr Ockert Daniel van Tonder (“Mannetjies”) and Mr Peter Borcherds Kock were debarred as a result of their involvement in the operation of the Fund and consequently a failure to comply with the requirements of the FAIS Act. The debarment prohibits the aforementioned individuals from conducting any financial services.

Further investigation into the involvement of other individuals and entities are still on-going.

According to an article in Sake24, the PECF, which was started in 2007, was placed under final liquidation in December last year. The fund manager was Interneuron Capital, which was placed under curatorship last week at the request of the FSB.

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