FSB warns regarding an online trading company 

The Financial Services Board (FSB), an independent institution established by statute to oversee South African non-banking financial services industry, warns the public to act with caution when dealing with Broker Capital, an entity which is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services in South Africa.

The FSB received a complaint that Broker Capital is contacting people offering training that will afford the candidates the ability to trade on the entity’s trading platform.

Broker Capital is advertising itself as an online trading company regulated by the International Financial Services Commission (IFSC), a Belizean regulatory authority, under licence number IFSC/60/231/TS/13. The FSB will be verifying with the authorities in Belize if Broker Capital is authorised with them as alleged. However, even if it is registered in Belize, it is still in contravention since it needs to be registered in South Africa.

Enquiries regarding Broker Capital should be directed to Ms Constance Dibakwane on (012) 428 8056 at the FSB.

The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800 110 443) or on the website www.fsb.co.za as to whether or not such institution or person is authorised to render financial services and which financial product it can offer.

Source: Financial Services Board (FSB)

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