FSCA Warns Against Jan Nkuna and His Company for Providing Unauthorised Forex Trading

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when conducting any financial services related business with Polycarp, Jan Nkuna (Mr Nkuna) and Wink World Wide (Pty) Ltd (Wink World Wide). The FSCA suspects Mr Nkuna and Wink World Wide of conducting unauthorised financial services business and breaching certain financial sector laws.

The FSCA has received a complaint from a member of the public who invested money with Mr Nkuna and Wink World Wide for purposes of trading forex. Without commenting on the business of Wink World Wide or its products and services. The FSCA points out that, for a company to offer forex trading in South Africa, it must be licensed to do so by the FSCA. The FSCA contacted Mr Nkuna regarding the allegations, which he denied. Mr Nkuna has failed to respond to the FSCA's subsequent correspondence regarding this issue.

The FSCA wishes to inform the public that Mr Nkuna and Wink World Wide are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).

Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature. The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services.