The Financial Sector Conduct Authority (FSCA) has recently issued warnings against several operators that are offering financial services without the necessary authorisation, in contravention of the Financial Advisory and Intermediary Services Act.
Techfx LLC, trading as Investby. Investby, which is based in Belarus, offers trading in derivative instruments through its online trading platform. It has come to the attention of the FSCA that Investby is offering the South African public access to its online platform to trade in, among others, derivative instruments. Investby is not authorised to give any financial advice or render any intermediary services in terms of the in South Africa.
Trade Ltd. This operation offers trading in forex and shares via its online platform. Trade Ltd is not authorised to give any financial advice or render any intermediary services. “We have reason to believe that, in addition to not being authorised to advise, this is a fraudulent operation,” the FSCA says.
Billionaires Matrix Club. The FSCA has received information that Billionaires Matrix Club is rendering financial services to the public by trading forex on their behalf. The FSCA points out that, for a company to offer forex trading in South Africa, it must be licensed to do so by the FSCA, and this entity does not have a licence. It is also suspects of breaking various financial sector laws.
Netsiavule Funeral Services. According to the information received by the FSCA, Netsiavule is offering funeral policy products to members of the public in return for premiums. Netsiavule is not authorised by the FSCA to render any financial services.
Above and Beyond Trading Funeral Undertakers. The FSCA points out that funeral parlours and undertakers that provide financial products, such as funeral policies, are required to be underwritten by a registered insurer and authorised to provide financial advisory and intermediary services. Above and Beyond is not authorised to provide these services in South Africa and is not underwritten by a registered insurer.
You should always check that an entity or individual providing financial services is registered with the FSCA. You also need to check what category of advice the entity is registered to provide. You can call the FSCA on the toll free number (0800 110 443) or check on their website here.