FSB warns against Arrow International Management Services

The Financial Services Board (FSB) has warned the public to be wary of having any dealings with Durban-based Arrow International Management Services (AIMS) as the company is not registered to conduct investment management business.

FSB spokesperson Russel Michaels, says AIMS, operating from 11 Holden Avenue Morningside Durban, is not registered with the FSB to conduct investment management business, nor to market foreign schemes in South Africa.

“Based on information we have, AIMS probably contravened:

* Section 8 (3) of the Long-Term Insurance Act, 1998 by performing acts which resulted in another person entering into or offering to enter into a long-term policy, to which a registered long-term insurer is not a party. This is solicitation of insurance business to which a South African long-term insurer is not a party.

* Section 37 (a) of the Unit Trust Control Act, 1981 by promoting the business of, or soliciting investments in collective investment schemes carried on outside the Republic, which schemes have not been approved to be marketed in South Africa.

“We warn the public not to have any dealings with AIMS or other companies that may be operated by Norman Steele, or persons purporting to be representing the above.”

Anyone who has had dealings with AIMS or Steele is asked to submit that information to Reinette Potgieter at the FSB at (012) 428-8059 or to fax it to (012) 347-8788.