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FSCA warnings – Stay abreast to advise clients

The FSCA often publishes media releases to warn the public against dubious service providers in the financial services industry.

A recent example concerned a formal investigation into the activities of a company called Humble Security and Trading for suspected breaches of financial sector laws. Shortly before this, it also warned the public not to enter into any agreements with unauthorised entities associated with Coin-it Trading. One of these operating in that KZN metropolis called Dundee.

Although the media releases from the FSCA cautions people to contact the regulator before doing business with providers, most of those caught in scams never do. In many instances, their go-to-guy and girl is you, their trusted adviser.

It is therefore very important that we stay abreast of such warnings in order to be able to warn our clients when they are approached by “get rich quick” prophets, whose promises of profits always implode, causing damage mostly to people who least can afford it.

To assist you in this regard, we will in future be publishing links to such communiques from the FSCA, and also help spread the word to contain the damage done by callous operators who sully the image of the industry.

Please see below those pertaining to the two cases mentioned above.

FSCA warns the public to act with caution when dealing with Humble Security and Trading (Pty) Ltd.

FSCA update on Coinit letter to investors.

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