The Financial Sector Conduct Authority (FSCA) has warned the public to be cautious when doing any financial services business with Global Investors Choice.
In a statement, the FSCA said of the terms of the Global Investors Choice’s website, the entity trades in forex, binary options and in crypto assets through their automated platforms.
“Global Investors Choice further claim that they are registered as financial services providers (FSP) with the FSCA as well as with various other international regulators, including the Financial Services Commission (Mauritius), the Financial Conduct Authority (United Kingdom) and the Cyprus Securities and Exchange Commission (Cyprus),” said the FSCA on Thursday.
The FSCA warned that Global Investors Choice was not registered as an FSP. The company was also not authorised to provide any financial advisory and intermediary services as defined in the various financial sector laws of South Africa. It said the false information that Global Investors Choice was an FSP could be misleading to unsuspecting investors. The FSCA has advised the public to exercise extreme caution.
“Attempts were made to obtain a response from Global Investors Choice to the allegations, however to date the FSCA has received no response.
“Should you have had or are currently engaging with Global Investors Choice, please contact the FSCA urgently to provide it with information and details of your transactions to enable the FSCA to assess the matter further and to determine if any further action is necessary.”
The public should always ensure that an entity or individual is registered with the FSCA to provide financial advisory and intermediary services and what category of advice it is that the entity is registered to provide.
In addition, customers who wish to conduct financial services with an institution or person have been reminded to check beforehand with the FSCA on either the toll free number (0800 110 443) or on https://www.fsca.co.za/Fais/Search_FSP.htm to ascertain whether such institution or person was authorised to render financial services.