The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Ivory Option. Ivory Option is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.
The FSCA received information that Ivory Option is offering trading platforms but once the payment has been received they turn out to be dummy trading platforms. Ivory Option is based in the United Kingdom and it is not authorised to render financial services in South Africa. The FSCA enquired with the office of the Financial Conduct Authority (FCA) in the United Kingdom and they confirmed that Ivory Option is not authorised and they have a warning notice posted about the firm that they are running a scam.
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 (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services.