Consumers warned against doing business with Inhalt Markets and Guaranteed Trust Fund
Always check service providers’ credentials, says Financial Sector Conduct Authority
The Financial Sector Conduct Authority (FSCA) has warned consumers against doing any financial services business with Guarantee Trust Fund and Inhalt Communications Group, trading as Inhalt Markets.
Claims that Inhalt Markets is an FSCA approved forex broker and that its trading platform was approved by the FSCA are false, the FSCA says. “Inhalt Markets was never authorised to render forex and it is currently not a registered financial services provider.”
The regulator says in a statement that Inhalt Markets lost its licence for not adhering to its licensing conditions and is therefore no longer authorised to render any financial advice and intermediary services in terms of the Financial Advisory and Intermediary Services Act.
On Guarantee Trust Fund, the FSCA says it received information that it is using a fake certificate, purportedly issued by the previous regulator, the Financial Services Board, on October 2 2006.
“Guarantee Trust Fund is not a registered financial services provider and … is [thus] conducting unregistered business and providing advisory and intermediary services without the necessary authorisation,” the FSCA warns.
The FSCA has urged consumers to check the credentials of institutions or people before conducting any financial services business by contacting the FSCA toll-free on 0800 110 443, or through its website www.fsca.co.za.