FSCA Warns Public Against Globexplore World (Pty) Ltd and Saleem Iqbal
The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with with Globexplore World (Pty) Ltd and Saleem Iqbal.
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The FSCA points out that Globexplore World and Mr Saleem Iqbal 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)
According to its website, globexploreworld.com, Globexplore World specialises in mining investments. It invests in certain mining companies and share the profits with investors. It offers a maximum of 50% return on investment within a space of 7 days. Despite its best efforts, the FSCA has not been able to reach Mr Saleem Iqbal.
The FSCA points out that the returns promised by Mr Iqbal are not realistic and raises serious concerns about the legitimacy of the scheme.
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.
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