FSCA Warns Public Against TRABOT PTY (LTD)

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with an entity named TRABOT PTY (LTD).

The FSCA received information that the entity TRABOT PTY (LTD), a private company located in Randburg, Gauteng offers the public access to a tool called "Forex Robots".These robots trade automatically for the clients and promise a highly unrealistic profit of 20 – 50% per month. This, however does not seem to be the case as complaints were received from clients who suffered ongoing losses when using the services of TRABOT. At this stage, the nature of TRABOT's business is not clear but the FSCA can confirm that it is not authorised to provide financial services business to the public.

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.