Avoid this 'forex' trader, regulator warns

FSP number belongs to unrelated brokerage

The regulator of providers of financial services has warned the public to steer clear of yet another unauthorised entity – this time an operator whose second name is “Forex”.

Picture: 123RF
Picture: 123RF

The regulator of providers of financial services, the Financial Sector Conduct Authority (FSCA), has issued a warning to the public not to do business with yet another unauthorised entity – this time an operator whose second name is “Forex”.

Sanele “Forex” Ngwenya Ngwenya, who passes himself off as a forex trader on Facebook, claims to be an authorised financial services provider (FSP), but is not one, the regulator says.

Ngwenya claims to be authorised under FSP number 16726, but this number belongs to Westwood Insurance Brokers (Pty) Ltd. The brokerage has confirmed to the FSCA that they neither have a relationship with Ngwenya, nor allowed him the use of their FSP number.

Sanele Forex Ngwenya Ngwenya is not an authorised FSP and is not a representative of one, according to its records, the FSCA says. Therefore, Ngwenya is not authorised to render financial services as contemplated in the Financial Advisory and Intermediary Services Act.

Before you buy a financial product or accept a financial service from anyone, check with the FSCA whether the person or institution is authorised to render a financial service, the regulator warns. You can do this by calling the FSCA’s toll-free number (0800 203 722) or via the website www.fsca.co.za.

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