FSCA Warns Public Against Cash FX Group (CFX)

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with with Cash FX Group (CFX).

Having received information from the public, the FSCA found that the website of CFX reflects that it is a Panama based company. The website creates the impression that CFX provides a Forex trading platform and seems to trade on behalf of clients via copy trading.

Additionally, it appears on social media that CFX promised that clients will yield a financial return between 5 to 20% weekly. CFX supposedly does presentations in South Africa to members of the public and offers different training packages.

The FSCA warns that 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. 

It again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA as to whether or not such institution or person is authorised to render financial services.