FSCA Warns Public Against NoLoss FX

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

The FSCA received complaints from members of the public against NoLoss FX. NoLoss FX purports to conduct trading on behalf of its clients using Forex and Bitcoin, promising high returns on investments. The entity has been unresponsive to numerous requests made by the FSCA in order to establish the nature of the business it conducts. This raises concerns with the Authority as it is unable to establish whether NoLoss FX is conducting unregistered financial services business.

The FSCA has reported the matter to the South African Police 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.