FSCA warns against Ubuntu Society Forex Trading and fines 4 Africa Exchange
Check credentials before doing business with any service provider
The Financial Sector Conduct Authority warns against doing any financial services business with Society Forex Trading and fines 4 Africa Exchange R30,000.
The Financial Sector Conduct Authority (FSCA) has warned the public against doing any financial services business with an entity called Ubuntu Society Forex Trading.
Although Ubuntu Society Forex Trading purports to be an authorised financial services provider, it is not authorised in terms of the Financial Advisory and Intermediary Services Act (Fais) to render any financial advice and intermediary services. It is also not a juristic representative of any registered financial services entity, according to the financial services watchdog.
Meanwhile, the FSCA slapped an administrative penalty of R30,000 on 4 Africa Exchange (4AX) for failing to submit its audited financial statements for the 2017/2018 to the FSCA before July 31 2018, a breach of the Financial Markets Act.
Even though the contravention took place over a period of 12 months — an aggravating factor — the FSCA says it considered the fact that 4AX admitted to the breach and co-operated with the FSCA in all respects.
The FSCA can be called toll-free on 0800-203-722 or its website can be checked to verify the status of anyone purporting to be an authorised service provider and for which services.