FSB issues a warning to consumers not to conduct business with Ideal Dreams

The Financial Services Board (FSB) issues a warning to consumers not to conduct financial services business with Ideal Dreams, a entity that advertises its services on the internet inviting consumers to invest at least R5000 and earn 5% interest per day, which is paid daily. Ideal Dreams claims to be conducting arbitrage trading, which it says is risk free. The FSB reiterates the saying “if it sounds too good to be true, it probably is”.

Ideal Dreams 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, no 37 of 2002. Such contravention is an offence which carries a heavy fine or period of imprisonment.

The FSB again reminds consumers who wish to conduct financial services business with an institution or person to check beforehand with the FSB on either the toll free number (0800 110443) or on the website http://www.fsb.co.za/ whether or not such institution is authorised to render financial services or whether the institution or person is appointed as a representative of an authorised financial services provider.