FSCA warns the public against FTO Capital
The Financial Sector Conduct Authority (FSCA) would like to warn the public not to conduct financial services business with FTO Capital.
It has been brought to the attention of the FSCA that FTO Capital (an entity operating a forex trading platform, and which is registered in the Republic of Marsha Island) has been soliciting and rendering financial services to clients based in South Africa.
FTO Capital is not authorised as a financial services provider and is not a representative of an authorised financial services provider.
Persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the Financial Advisory and Intermediary Services Act, 37 of 2002.
Such contravention is an offence which carries a fine not exceeding R10 million or period of imprisonment not exceeding 10 years.
The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services.
Ms Nokuthula Mtungwa
Financial Sector Conduct Authority
Email address: Nokuthula.Mtungwa@fsca.co.za
Telephone: 012 422 2919