FSCA warns against Cyber FX Investments
The Financial Sector Conduct Authority (FSCA) would like to warn the public when dealing with Hlengiwe Ngcobo and Christian Barnley Hamilton.
Ngcobo and Barnley Hamilton are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and/or intermediary services.
The FSCA received information that persons who call themselves Hlengiwe Ngcobo and Christian Barnley Hamilton are conducting financial services on Facebook, purporting to be trading under an authorised financial services provider.
They are using FSP number 46988 which belongs to Fin Co Finance (Pty) Ltd. Fin Co Finance (Pty) Ltd confirmed that it does not have any relationship with a Hlengiwe Ngcobo and a Christian Barnley Hamilton.
Ngcobo and Barnley Hamilton ask people to invest in their company named Cyber FX Investments Inc, promising high returns on investments.
It is the FSCA’s view that Ngcobo and Barnley Hamilton are conducting unregistered business because they are providing advisory and intermediary services without the necessary authorisation.
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.
There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature.
The FSCA again reminds consumers 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 the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services.