FSCA Fines African Bank R700,000 for Misleading Social Media Advert Promoting Personal Loans as Investment

The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R700,000 on African Bank for a misleading advertisement. The advert, distributed via social media, encouraged consumers to take out personal loans under the false premise that these loans could be considered an investment. This action violates Conduct Standard 3 of 2020, which governs advertising practices for banks. The FSCA's penalty aims to address the deceptive nature of the advertisement and ensure compliance with regulatory standards.