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.
ARROW INTERNATIONAL MANAGEMENT SERVICES LIMITED & NORMAN EDWIN STEELE
The Jersey Financial Services Commission and the South African Financial Services Board have both issued warnings about this company and individual.
The Jersey Financial Services Commission have confirmed that Arrow International Management
Services Limited was a private Jersey company until it was struck off on 13 October 2000. It had not
received authorisation to conduct investment business. It was located at:
Sir Walter Raleigh House
Norman Edwin Steele purported to be managing director of this company, which not only was
unauthorised but also was refused a licence when it applied for one.
The South African Financial Services Board has warned against doing business with Arrow International Management Services which is now operating from:
11 Holden Avenue
This entity is operated by Norman Steele and is not registered to conduct investment business in South Africa.