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FSCA warns the public against TRABOT PTY (LTD)

15 September 2021 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with TRABOT PTY (LTD) as they are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.

The FSCA received information that the entity TRABOT PTY (LTD), a private company located in Randburg, Gauteng offers the public access to a tool called “Forex Robots”. These robots trade automatically for the clients and promise a highly unrealistic profit of 20 – 50% per month. This, however does not seem to be the case as complaints were received from clients who suffered ongoing losses when using the services of TRABOT. At this stage, the nature of TRABOT’s business is not clear but the FSCA can confirm that it is not authorised to provide financial services business to the public.

Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. There are instances where persons are registered to provide basic advisory services for a low-risk product and then offer services of a far more complex and risky nature. The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services, and in particular which financial products they are licensed for.

Quick Polls

QUESTION

South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?

ANSWER

Absolutely, as conflicted as it gets
Maybe, I’m on the fence on this
No, the FSCA can do no wrong
The guilty must pay
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