FSB warns about unregistered ‘financial services’ companies

THE Financial Services Board (FSB) has issued warnings against three companies offering financial services or products. None of the three entities is registered with the FSB as a financial services provider (FSP). • purports to be an international entity, is offering investments to members of the public via the internet and emails, according to information received by the FSB. It accepts investments of R500 to R50 000, with a promise of a 15% return on the capital invested for 15 days. • website, Zillionaire Markets is a regulated provider operating under an international licence. Its Facebook account claims that it is a registered provider underwritten by Roche Finance Group. This is contrary to the FSB’s records, which show that neither Zillionaire Markets nor Roche Finance Group is registered as an FSP. Apparently, Zillionaire Markets has “brokers” who will teach you about forex trading, and these brokers will invest your money and participate in forex trading on your behalf. It says such trading will generate a monthly return of about 30%. • This company, which According to its The FSB has received information that Bank Used Repos is using a fake FSB certificate to dupe people into believing that it is a registered FSP. The certificate shown to consumers bears the name Bank Used Repos and the FSP number (28260) of IDA Risk Management. IDA Risk Management, a registered provider, has indicated to the FSB that it has no connection – Staff Reporter whatsoever with Bank Used Repos.