The financial Sector Conduct Authority (FSCA) on Friday warned the 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 to render any financial advice and intermediary services,” said a statement issued by the FSCA.

The FSCA said it received information that Ivory Option was offering trading platforms, but once payment had been received they turned out to be dummy trading platforms.

Ivory Option is based in the UK, and it is not authorised to render financial services in South Africa.

The FSCA said it enquired with the office of the Financial Conduct Authority (FCA) in the UK, 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.

In the statement, the FSCA again reminds consumers who wish to utilise financial services from an institution or person to check beforehand with it by either calling the toll-free number (0800110443) or via 

 African News Agency (ANA)