The FSCA Has Warned the Public About These Brokers
The FSCA has flagged the following brokers because they show signs of fraud. The FSCA’s purpose is to protect consumers from suspected scam brokers and issue these warnings to warn people not to open an account with a fake financial service.
The CryptoCoinTrace team compiles these lists of scam brokers, researches each one, and creates a review. We regularly update this list to keep you thoroughly informed of new scam brokers. To ensure your money is safe, consult this list frequently–we’ll keep you posted about the latest broker listings.
What Does The Financial Sector Conduct Authority (FSCA)?
The FSCA is part of South Africa’s “Twin Peaks” approach to financial regulation. One organization is charged with ensuring financial markets are safe and secure. Another part of the FSCA is responsible for direct oversight of financial companies, including brokers and acting as a watchdog to warn the public about potential fraudulent financial activity affecting Australian customers and traders worldwide.
6 Reasons These Brokers Made FSCA’s Scam Broker List
FSCA issues public warnings against brokers for the following reasons. These are the most common red flags–there may be other problems as well.
- Licensing issues
- Misleading statements
- Non-compliance with regulations
- Proliferation of customer complaints
- Clone broker
- Legal action against the company
One of the most common reasons a broker is flagged by the FSCA is licensing issues. This may include not having a license, holding an expired license or recruiting Australian clients when the broker has no license specifically for Australia.
The brokers on this list may have made misleading statements, including about returns, fees and credentials. Misleading statements shouldn’t be disregarded or treated lightly. They can inspire confidence in a broker that ends up stealing customers’ money.
Non-compliance with regulations is also taken seriously and can lead to being flagged by FSCA. Many of these brokers may have adopted fake names that resemble names of regulated brokers and financial services. These clone brokers are flagged by the FSCA.
In addition, when the regulator is inundated with customer complaints and when they have validated that they have basis, they are likely to add a broker to a list of flagged financial services. Also, they inform the public about legal action against the company.
What You Should Do If You Have an Account with These Brokers?
If you currently hold an account with the following brokers, close it and demand an immediate withdrawal of all of your funds. If you do not receive a withdrawal from this broker contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!
