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FSCA: Public warning against impersonators of FSPs
- 26 June 2024
- Regulatory Compliance and Legislation
- South African Accounting Academy
There has been an increase in the unlawful impersonation of authorised financial service providers (FSPs) by persons unlawfully soliciting investments from the public. There has also been an increase in persons claiming to be associated with an authorised financial institution. The FSCA suspects that this is being done to lend a false sense of legitimacy to the operations of the impersonators. These impersonators are not authorised to conduct financial services business. It is a criminal offence to conduct unauthorised business and against the law to impersonate other businesses or make false claims of association.
The impersonators often utilise social media platforms to make investment - or trading offers to the public. The public is cautioned to take extreme care when dealing with investment or trading offers on social media platforms.
The FSCA has provided a list in the publication, of recent instances of impersonation.
Click here to download the Press release:
Relevance to Auditors, Independent Reviewers & Accountants:
- Auditors, independent reviewers and accountants must ensure that they are aware of the latest news that is published by regulators, such as the FSCA.
- As a consumer, you should be aware of potential scams and scammers attempting to get their hands on your money.
Relevance to Your Clients:
- As consumers, your clients should be aware of potential scams and scammers attempting to get their hands on their money.
- Relevant financial institutions and individuals must ensure that they are aware of the latest news that is published by regulators, such as the FSCA.