THE Financial Sector Conduct Authority (FSCA) warns against dealing with a company called Patex Capital.
The FSCA says it has received information that Patex Capital is fraudulently using the financial services provider (FSP) number of FXPRO Financial Services, which has indicated that it has no connection with Patex Capital and did not authorise the use of its FSP number. According to the information, Patex Capital is based in England.
The authority says Patex Capital may be conducting unregistered business and providing advisory and intermediary services without the necessary authorisation. Alternatively, it may not be providing financial services, but is engaging in activities using an FSP number without authorisation to do so.
It says you should always check that an entity or individual is registered with the FSCA to provide financial services and what category of service or advice the entity is registered to provide. There are instances where entities are registered to provide basic advisory services for low-risk products and then offer services of a far more complex and risky nature.
To check, call the FSCA on either its toll-free number (0800 110 443) or on its website www.fsca.co.za.