The Financial Services Board (FSB) has issued a warning to the public to beware of Financika, an outfit that offers a forex trading platform and related advisory services. The regulator says Financika is offering financial services without being authorised to do so or without being a representative of an authorised financial services provider in SA, as required by law. According to its website, Financika has its head office in the Republic of Vanuatu in the South Pacific, and "is a world leading foreign exchange broker" and "an internationally recognised investment company that maintains the highest financial security standards". For the past few months, it has been advertising its offering on South African news portals and websites, and like many of its kind, offers an app, online tutorials and to teach you "everything you need to become a successful online trader". But trading via an entity that is not an authorised to offer such services is risky. In an article in the first quart...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.