The Financial Services Board (FSB) has issued a warning against Broker Capital. It has advised the public to not do business with this provider as they are not authorised to render any financial advice or intermediary services.
Failing to register themselves according to the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), Broker Capital has reportedly, “solicited business offering training to consumers to enable them to trade on the entity’s trading platform.”
According to the report, the FSB received complaints that Broker Capital is advertising as an online trading company allegedly regulated by the International Financial Services Commission (IFSC), ‘ a Belizean regulatory authority’, under the licence IFSC/60/231/TS/13.
“The FSB will be verifying with the authorities in Belize if Broker Capital is authorised with them as alleged. However, even if it is registered in Belize, it is still in contravention since it needs to be registered in South Africa,” said the FSB.
For any enquiries relating to Broker Capital, consumer can contact Constance Dibakwane from the FSB on (012) 428 8056.
Before conducting business with a financial services provider (FSP), the FSB suggested that consumers check with the FSB as to whether or not the FSP is authorised to “render financial services and which financial product it can offer.” This can be done by contacting the FSB on 08000 110 443, or going to the FSB website.