FSCA warns the public against NoLoss FX
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The Financial Sector Conduct Authority (FSCA) would like to warn the public to act with caution when dealing with NoLoss FX.
NoLoss FX is 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 complaints from members of the public against NoLoss FX. NoLoss FX purports to conduct trading on behalf of its clients using Forex and Bitcoin, promising high returns on investments. The entity has been unresponsive to numerous requests made by the FSCA in order to establish the nature of the business it conducts.
This raises concerns with the Authority as it is unable to establish whether NoLoss FX is conducting unregistered financial services business.
The FSCA has reported the matter to the South African Police Services.
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.