The Financial Sector Conduct Authority (FSCA) warns against dealing with an entity called Finvesting, which is owned by SanaKo Service Ltd and which operates through a website registered in the Republic of the Marshall Islands. The website provides a platform for trading contracts for difference (CFDs) and other derivative instruments.
The FSCA points out that for a company to offer CFD trading in South Africa, it must be licensed to do so by the FSCA. Finvesting is not authorised to trade in CFDs or to provide financial advisory and intermediary services in South Africa.
“We are aware that there are members of public that have lodged complaints against Finvesting. The FSCA has made several attempts to contact Finvesting, but these attempts have been unsuccessful,” the FSCA says.
The FSCA 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, and in particular which financial products they are licensed for.