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FSCA warns public against Vaultax Global

FSCA warns public against Vaultax Global
18-10-21 / Staff Writer

FSCA warns public against Vaultax Global

Pretoria - The Financial Sector Conduct Authority (FSCA) has issued a warning to the public to exercise caution when doing any financial services business with Vaultax Global, a company not authorised to render any financial advisory and/or intermediary services in terms of the Financial Advisory and Intermediary Services Act No. 37 of 2002 (FAIS Act).

According to information received by the FSCA, Vaultax Global has been advertising on Telegram and offering cryptocurrency, bond markets, and trading in forex.

The FSCA said it had received information that Vaultax Global might be misrepresenting itself to be an authorised financial services provider (FSP) by disseminating what appears to be a fraudulent FSB (predecessor of the FSCA) and FSP certificates to members of the South African public.

"It is using the names of a legitimate financial services provider Westwood Insurance Brokers (Pty) Ltd FSP 16726 and Walkin Financial Solutions (Pty) Ltd FSP 45682 in order to appear to be offering legitimate financial services. The abovementioned FSPs have confirmed that they have no business relationship or involvement with Vaultax Global.

"According to its website (https://vaultaxglobal.com/), Vaultax Global claims that it has headquarters in Finland, as well as a Branch office in the United Kingdom. On 13 August 2021 the British Columbia Securities Commission (FIN-FSA) issued a public warning
against Vaultax Global stipulating that; it has reason to suspect that the company offers investment services in Finland without appropriate authorisation," said the regulator.

The FSCA reminded members of the public that they 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. This could be done through the regulator's website www.fsca.co.za.

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