FSCA Warns Public Against Globaltech Investment

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with Globaltech Investment which advertises on Facebook and via its website.

The FSCA has received information that Globaltech might be conducting unregistered business and is misrepresenting itself to be an authorised financial services provider (FSP) by publishing an FSP certificate on its Facebook page that is incorrect. The FSP number does not belong to Globaltech. 

According to information received, Globaltech Investment is soliciting investments from members of the public with the promise of unrealistic returns of 60% in 30 days. Without commenting on the business of Globaltech Investment, the FSCA points out that Globaltech Investment is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice or intermediary services.

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.