FSCA warns about using these operators
THE Financial Sector Conduct Authority (FSCA) says you should act with caution when dealing with the entities listed below, which are operating unlawfully.
● Forex Breakout Kings and Jerome Michaels. The FSCA has received information that this company offers to trade in forex on behalf of members of the public. Such entities are required to be licensed by the FSCA, and neither Forex Breakout Kings nor Michaels have such a license.
● Livestock Capital Funds. It has come to the attention of the FSCA that Livestock Capital Funds provided a client with a document purporting to be an FSCA license, with Financial Services Provider (FSP) number 98832. This license number, says the FSCA, does not exist.
● Beyond Options FX. The FSCA says it has come to its attention that Beyond Options FX is offering the public access to its online platform to trade in forex and contracts for difference (CFDs). In addition, Beyond Options FX’s website indicates that it is globally regulated and licensed to provide services in 27 countries, including South Africa. The FSCA says this company is not authorised as a FSP to provide financial advisory and intermediary services and is not registered as an over-the-counter derivative provider in terms of the Financial Markets Act.
● Capital Pro. A similar operation to the one above, Capital Pro is an online platform trading in forex and CFDs. The FSCA says Capital Pro provided a client with a document purporting to be an FSCA license, with FSP number 164384.
● However, according to the records of the FSCA, FSP license 164384 does not exist. The company is not registered to provide financial advisory and intermediary services and not registered as a derivative provider.
● Prudential Investment Services. The FSCA says Prudential Investment Services solicits investments from members of the public with the promise of unrealistic returns. On its Facebook page, the operation offers financial advice and intermediary services in respect of life insurance, retirement plans, Bitcoin, forex, and shares. The FSCA says Prudential Investment Services is not authorised to provide these services.
● AVA Invest and Gugu Mseleku. The FSCA has received information that AVA Invest is purporting to be regulated by the FSCA with FSP No. 45984. The FSCA’s records reflect that this number belongs to Ava Capital Markets, trading as Ava Trade Capital, an authorised financial services provider. Ava Trade Capital has advised that they have no relationship with AVA Invest. The FSCA says Ava Invest and Mseleku are not authorised to render financial advice and intermediary services.