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FSB warns the public against MadodaForex (Pty) Ltd

24 February 2017 FSB

The Financial Services Board (FSB) warns the public to act with caution when dealing with Madoda Forex (Pty) Ltd.

It has been brought to the attention of the Regulator that Madoda Forex (Pty) Ltd is soliciting money from unsuspecting individuals, promising unrealistic interest rates payable within 5 to 20 days.

On their website, www.madodaforextrading.com there is a copy of a certificate claiming that the entity is authorised as a forex trading agency in terms of Section 5 of the Credit and Financial Services Act of 2012 ( Act No.24 of 2012).

Financial services providers are authorised in terms of the Financial Advisory and Intermediary Services Act (the FAIS Act Section 7) to render financial advice and intermediary services. Madoda Forex (Pty) Ltd is not authorised in terms of the FAIS Act, to render any financial advice and intermediary services.

The FSB would like to remind consumers of financial products to always check that the entities they deal with are licenced by the FSB by calling the toll free number (0800 110 443) or visiting www.fsb.co.za.

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