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Wednesday, August 17, 2022

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FSCA warns against Ebrahiem Dollie and Affluence FX

Published Jul 6, 2022

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The Financial Sector Conduct Authority (FSCA) says you should act with caution when conducting any financial services related business with Ebrahiem Dollie and Affluence FX.

The FSCA suspects Dollie and the entity he operates, Affluence FX, of conducting unauthorised financial services business and breaching certain financial sector laws.

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The authority says it has received information that Dollie and Affluence FX are rendering financial services to members of the public by trading Forex on their behalf. It points out that, for a company to offer forex trading in South Africa, it must be licensed to do so by the FSCA.

The FSCA contacted Dollie regarding the allegations and he said Affluence FX is a business which offers account linking and mirror or copy trading to the public. He further informed the FSCA that he is providing the service through a broker. The FSCA confirms that the said broker is not authorised by the FSCA.

The FSCA says Dollie and Affluence FX are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act.

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You should always check that an entity or individual is registered with the FSCA to provide financial services and the category of advice or service it is registered to provide. You can either call the toll-free number (0800 110 443) or go to www.fsca.co.za

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