FSCA Warns Public Against Patex Capital Group Limited

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

The FSCA received information that Patex Capital is fraudulently using the financial services provider (FSP) number of FXPRO Financial Services, FSP 45052, who has indicated that they have no connection to Patex Capital and did not authorise the use of their FSP Number. According to the information at hand, Patex Capital is not domiciled in South Africa but based in England.

It is the FSCA's view that, based on the information received, Patex Capital may be conducting unregistered business and providing advisory and intermediary services without the necessary authorisation. Alternatively, they may not be providing financial services at all but are engaging in activities using a FSP number without authorisation to do so.

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.