How To Verify Brokers On FSCA
Who Is FSCA?
FSCA : Financial Sector Conduct Authority formerly known as Financial Services Board (FSB) is the regulatory body of financial institutions that provide financial services and offer financial products. These institutions include banks, insurers, market infrastructures and retirement funds/administrators. They are all licenced in terms of the financial sector law.
What Is The Main Responsibility of FSCA?
The FSCA supervises and regulates the conduct of financial institutions. They also help to protect the financial customers by ensuring that they get fair treatment from financial institutions. Their mandate is to enhance, maintain and support the efficiency and integrity of the financial markets. The FSCA also provides financial education and issues warning statements about financial institutions that are under investigations or have their licence withdrawn etc. You can read all about their media release on their website HERE, who knows, you might just see your current financial institution on the news. Those financial services who are treating customers unfairly and breaking the law, are severely dealt with.
Why This Blog Post?
Sometime last week, a story broke out about how the Minister of Finance said Forex trading is illegal in South Africa (which was clearly incorrect information/fake news). From the comments that I was reading online regarding the story, I realised that most people are not aware that they have rights and access to call and verify any financial markets related news with the regulatory body. I obviously did that and spoke to them and they confirmed that if there’s any news like that, it would have been on their website since they are the one who regulate the industry.
It also didn’t make any sense to have a whole minister of finance talking to a newspaper publication about illegalizing Forex trading before speaking to the regulators. I also get a lot of emails, WhatsApp texts and other social media inboxes from people who are scammed by companies simply because they had no information on how to check if those companies are authorized to offer Forex and other types of investments. I then decided to post this information here to educate more people about FSCA because sharing information is my calling. I am hoping that you’ll be kind enough to help me spread this information to as many people as possible because it might save lives. Below are the instructions on how to check if your Forex broker or any other financial institution is authorised to offer the services that they currently offer. Go to the official FSCA website by clicking HERE and follow the steps below.
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Step 7
Step 8
Step 9
Conclusion
For the safety of your funds, never trade with an unauthorized broker or give your money to any unauthorised institution or individual, even if they show you their FSP number, always confirm and verify with FSCA if they are authorised to handle public funds. Most Forex Brokers or companies are offering services that they are not authorised to offer. On the last step (step 9) click on “here“ and you’ll find more information on the products. To get to “here” you can click on “key individuals”. If anything confuses you about the products, you can call FSCA or email them.
The broker that I used for demonstration, is one of the brokers that I trade with. I also wrote a review on them. You can check out the review post HERE and if you wish to open an account with them, you’ll find a link on that post and feel free to WhatsApp me for assistance should you get stuck (WhatsApp details at the bottom of this post). Some brokers are trading under a different name. If that is the case, the information should be on the broker’s website and you can still get the FSP number from the website and verify it, the name that they trade under, will definitely show up when you check their FSP number.
I hope you found some value in this post. Kindly help me to reach out to as many people as possible by sharing it. Thank you for stopping by and please stay safe. Don’t forget to download the App on Google Playstore to have this content at your fingertips
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