JOHANNESBURG - The Financial Sector Conduct Authority (FSCA) on Friday warned the South African public to act with caution when dealing with Ivory Option.
"Ivory Option is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services," said the statement from the FSCA.
The FSCA said it received information that Ivory Option is offering trading platforms but once the payment has been received they turn out to be dummy trading platforms.
Ivory Option is based in the United Kingdom and it is not authorised to render financial services in South Africa.
The FSCA said it inquired with the office of the Financial Conduct Authority (FCA) in the United Kingdom and they confirmed that Ivory Option is not authorised and they have a warning notice posted about the firm that they are running a scam.