Beware unregistered Forex trader, FSCA warns

Public cautioned not to do business with Money Moves Forex and Prophet Moral Monareng

Image: 123RF/Bankoo

Don't do any financial-related business with people or entities that are not authorised to do so, warns the Financial Sector Conduct Authority (FSCA). 

The FSCA has warned the public that Money Moves Forex and Prophet Moral Monareng are not registered or authorised to conduct any financial services or advice, and their claims to be associated with a registered entity are false.

Money Moves Forex and Prophet Moral Monareng have been advertising their services on social media, claiming to be authorised financial services providers as well as claiming to be associated with  Lebone Risk Solutions. In fact, they use the Financial Services Provider (FSP) number, 48809, belonging to Lebone Risk Solutions. 

While this is an authentic FSP number, and while Lebone Risk Solutions is a registered entity, the FSCA warns that there is no association between the two companies.

"According to the FSCA’s records, Money Moves Forex Trading is not an authorised financial services provider and Prophet Moral Monareng is not a representative, therefore, neither of them can render financial services as contemplated under the Fais Act," the FSCA said in a statement.

The FSCA further urges all members of the public to do their due diligence before parting with their money. Do not conduct financial-related business with anyone or any business that is not registered and authorised to conduct such affairs.

Consumers can call a toll-free number, 0800 203 722, or visit www.fsca.co.za to check the status of a financial services provider.

Experts warn that Forex, or foreign exchange, trading is not for everyone, and that some scams are doing the rounds promising outrageous returns. It is prudent for everyone to realise that like gambling, it should only be considered once all your financial affairs are in order. 

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