Beware of Total Capital Trading, says FSCA
The Financial Sector Conduct Authority warns consumers to always check the credentials of companies purporting to be registered financial services providers
The Financial Sector Conduct Authority (FSCA) has urged the public to act with caution when dealing with a company called Total Capital Trading, which it has warned is not registered to conduct any financial advice or intermediary services.
The FSCA also pointed out that Total Capital Trading has fraudulently claimed an association with another company, Zwelonke Holdings, which is a registered and authorised financial services provider.
In a statement released on Tuesday, the FSCA said: “Zwelonke Holdings’ key individual, Mr Clifton Mario Heradien, confirmed that it is not linked to Total Capital Trading, which is not authorised as a financial services provider and is not a representative of an authorised financial services provider.”
It is a contravention of the Financial Advisory and Intermediary Services Act for an entity or person who is not lot licensed as an authorised financial services provider, or hasn’t been appointed as a representative of an authorised entity, to render financial services.
“Such contravention is an offence, which carries a fine not exceeding R10m or period of imprisonment not exceeding 10 years,” the FSCA said.
Always make sure that you check whether an entity is an authorised financial services provider before entering into a relationship of any kind. There are strict and very important rules that licensed service providers need to abide by, and the ultimate goal is to protect you as the consumer.
You can check a company’s credentials by calling the FSCA (0800 20 3722) or checking at www.fsca.co.za.