The FSCA, South Africa’s leading financial regulator, has issued a warning about the following brokers. To get on this list, these brokers must have done something to arouse suspicion. We recommend that you not do business with any of the brokers mentioned on this list and use these reviews as a resource to learn more about staying safe from financial fraud.
Broker Complaint Registry, creates these broker reviews to help you do necessary research on brokers. This will help you avoid certain financial services that turn out to be fake brokers. Consult this list, which we update regularly, to keep your money safe online.
The Financial Sector Conduct Authority (FSCA) is part of South Africa’s Twin Peaks model of financial regulation. This means that one agency focuses on the safety and security of South African financial institutions and the other deals with compliance with regulations and consumer protection. The second institution ensures that financial companies are abiding by rules and regulations and issues warnings about suspicious entities.
The following are the most frequently occurring reasons for FSCA warnings.
The FSCA will issue a warning if a broker doesn’t have a license, is operating on a revoked license or is trying to recruit customers from areas where it doesn’t have a license to operate.
It’s common for frauds to issue misleading claims about the amount of returns, fees and other matters. Beware of huge promises and extravagant statements. You may see some familiar names on the list. This is because of the number of clone brokers the FSCA flags. Clone brokers adopt a name that is similar to regulated brokers so they can lure their customers away.
Many of these brokers are not complying with rules and regulations for financial institutions. These are either national laws or specific rules issued by the regulator to maintain their license. A large number of customer complaints and serious legal action against the broker are also main reasons brokers end up on this list.
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We create these reviews to warn consumers about brokers and schemes that may be fraudulent. If you have an account with any of these flagged brokers, close it and request a withdrawal. If you are not given your money back, contact Broker Complaint Registry right away. We will consult with you, work to track down your funds and create investigative reports, and will assist with fund recovery efforts.