The Financial Sector Conduct Authority (FSCA) is warning the public against doing financial services related business with individuals or entities who are fraudulently claiming to be authorised or licensed with the FSCA.
This is according to a statement from the FSCA, South Africa’s financial sector regulator.
The financial regulator said that the public is advised to exercise caution when engaging in financial services with individuals or entities who are operating under the following names:
– Balla Jeno
– Kosir Ziga
– Sandus Brunkevics
– Bertolucci Florentin
According to the FSCA, these individuals have been conducting unauthorised financial services activities and have been concealing their fraud by displaying financial service provider (FSP) authorisation numbers that have been cancelled, lapsed or rejected.
The FSCA said that these individuals present a “certificate” with a “license number” falsely claiming FSCA issuance and will use social media platforms to promote investment or trading offers to the public.
“The public is strongly urged to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers,” the FSCA said.
It is recommended that the public verify:
– that an entity or individual is authorised by the FSCA to offer financial products and services.
– what category of advice the person is registered to provide, as there have been instances where companies or individuals are registered to provide basic advice for a low-risk product but will offer advice on far more complex and risky products.
– that the FSP number used by the entity or individual offering financial services matches the name of the FSP on the FSCA database.
The public can use these methods to confirm the status and FSP number of a service provider:
1. Toll-free number: 0800 110 443
2. Online search for authorised financial institution by license category.
3. Online search for a financial institution that is an authorised FSP in terms of the Financial Advisory and Intermediary Services Act (FAIS) Act.
Last month, the financial regulator warned the public about a scam where individuals were impersonating the FSCA and FSCA Commissioner, Unathi Kamlana.
The FSCA said that the fraudsters appear to be operating an “impersonation scam” where they use fraudulent documents that have supposedly been issued by Kamlana to solicit funds.
At the time, the FSCA said that if South Africans find themselves in doubt that they should contact the FSCA.
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