Consumers are warned to always double check credentials of FSPs
Some claiming to be financial service providers are not, such as Eskie Lerrocks and a ‘double your money’ investment firm
Unscrupulous companies are tricking consumers into believing they are authorised to handle money and conduct financial advice, the Financial Sector Conduct Authority (FSCA) has warned. Naming perpetrators, the FSCA said the companies that are acting fraudulently are using financial service provider (FSP) numbers belonging to unsuspecting FSPs to directly dupe the public in parting with their hard-earned cash. Consumers are, therefore, urged to always double check credentials. According to the FSCA, CKM Trading Solutions is trading with an FSP number belonging to IG Markets SA. IG Markets has confirmed there is no relationship between the two companies. Express Cash Investments, which promises to “double your money” in its Facebook adverts, is illegally using the FSP number belonging to Express Well Financial Solutions. The latter has “confirmed with the FSCA that it has neither an association nor dealings” with the fraudulent company.
FSPs receive a number when they are author...