FSCA warns against dealing with three unregistered operators
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The Financial Sector Conduct Authority (FSCA) warns against doing financial services business with three entities: Davani Forex Company, Forex Guru Investment, and “Mr Kayla”.
1. The authority has received information that Davani Forex Company is soliciting money from the public and promising unrealistic returns. While it is uncertain what business the company is conducting, the FSCA says it not authorised to give financial advice or render intermediary services in terms of the Financial Advisory and Intermediary Services Act (FAIS Act).
2. Forex Guru is, according to the FSCA, also conducting unregistered business and is using the logo of a registered provider, SA Asset Management. SA Asset Management has confirmed that it has no business relationship with Forex Guru.
3. A certain Mr Kayla is misrepresenting himself as attached to Prescient Investment Management, a registered provider, and is conducting unregistered business. Prescient has confirmed that it has no business relationship with this gentleman.
You should always check that an entity or individual is registered with the FSCA to provide financial services and the category of advice it is registered to provide. The FSCA says there are instances where individuals are registered to advise on low-risk products and then offer products of a far more complex and risky nature.
The FSCA reminds consumers wanting to engage with a financial entity that they 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 the entity is authorised to render financial services.