FSB Warnings
FSB warns the public against MD Fund
The Financial Services Board (FSB) warns the public to take caution when dealing with MD Fund which claims to participate in forex trading.
According to a Facebook post made during 2016, MD Funds offers daily returns of 0.75% to 1.5% and an investor gets to do monthly withdrawals. Investments from R10 000.00 to R250 000.00 are solicited. MD Funds alleges to be a registered company “under all the laws of South Africa”.
According to the records at our disposal MD Funds is not an authorised financial services provider.
FSB warns the public against DMD Capital (Pty) Ltd trading as Profit Trading
The Financial Services Board (FSB) warns the public against conducting financial services business with DMD Capital (Pty) Ltd trading as Profit Trading (Profit Trading) and Mr Ntokozo Ndlovu (Mr Ndlovu). Profit Trading and Mr Ndlovu are not authorised Financial Services Providers and the public is warned to exercise caution when dealing with this entity or person.
The FSB received information that Profit Trading and Mr Ndlovu are conducting an unregistered business and providing advisory and intermediary services without the necessary authorisation. Profit Trading’s licence (FSP 45146) was withdrawn on 02 September 2016.
FSB warns the public against Stockpair.net
The Financial Services Board (FSB) warns the public to exercise caution when dealing with Stockpair.net which claims to be dealing in binary options.
According to information received a South African citizen invested in binary options with Stockpair.net but could not get his funds paid back to him. According to the entity’s website the entity is located in Estonia and Belize.
Stockpair.net is not authorised as a financial services provider in South Africa.
FSB warns the public against Capital Loans
The Financial Services Board (FSB) would like to warn the public to act with caution when dealing with Capital Loans. According to the information received, Capital Loans purports to be a financial services provider .Capital Loans 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 FSB received information that Capital Loans is offering personal and various other types of loans to members of the public, on the internet and via email.
The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800 110 443) or on the website www.fsb.co.za as to whether or not such institution or person is authorised to render financial services.
