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Cape Town - The Financial Services Board (FSB) warned the public on Thursday to be careful when dealing with four companies which appear to be providing financial services without being authorised to do so.
The first is MD Fund, which claims to participate in forex trading.
The FSB said that according to a Facebook post from 2016, MD Funds offers daily returns of 0.75% to 1.5% and an investor gets to do monthly withdrawals. Investments from R10 000.00 to R250 000.00 are solicited.
MD Funds alleges to be a registered company “under all the laws of South Africa”. According to the records at the disposal of the FSB, MD Funds is not an authorised financial services provider.
The FSB also warned the public against conducting financial services business with DMD Capital, trading as Profit Trading and Ntokozo Ndlovu. It pointed out that Profit Trading and Ndlovu are not authorised financial services providers and the public is warned to exercise caution when dealing with this entity or person.
The FSB received information that Profit Trading and Ndlovu are conducting an unregistered business and providing advisory and intermediary services without the necessary authorisation. Profit Trading’s licence (FSP 45146) was withdrawn in September 2016.
Another entity the FSB is warning the public to be cautious about is Stockpair.net, which claims to be dealing in binary options.
According to information received a South African citizen invested in binary options with Stockpair.net, but could not get his funds paid back to him. According to the entity’s website, it is located in Estonia and Belize.
The FSB said Stockpair.net is not authorised as a financial services provider in SA.
A fourth entity the FSB is warning the public to be cautious about is Capital Loans. According to information received, Capital Loans claims to be a financial services provider.
The FSB, however, pointed out that Capital Loans is not authorised in terms of the Financial Advisory and Intermediary Services Act (FAIS).
The FSB received information that Capital Loans is offering personal and various other types of loans to members of the public on the internet and via email.
The FSB called on 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 to establish if such an institution or person is authorised to provide financial services.
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