FSCA issues public warning against Globexplore World and Saleem Iqbal
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The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Globexplore World (Globexplore World) and Saleem Iqbal. Whilst it is uncertain what business the company is conducting, the FSCA points out that Globexplore World and Saleem Iqbal are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
According to its website, globexploreworld.com, Globexplore World specialises in mining investments. It invests in certain mining companies and share the profits with investors. It offers a maximum of 50% return on investment within a space of 7 days. Despite its best efforts, the FSCA has not been able to reach Saleem Iqbal.
The FSCA points out that the returns promised by Iqbal are not realistic and raises serious concerns about the legitimacy of the scheme.
Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide.
The FSCA reminds customers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800 110 443) or on https://www.fsca.co.za/Fais/Search_FSP.html whether such institution or person is authorised to render financial services.