Pretoria - The Financial Sector Conduct Authority (FSCA) has warned the public to be cautious and vigilant when dealing with Trabot (Pty) Ltd as they are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.
The regulators said it 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 said 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 said there are instances where persons are registered to provide basic advisory services for a low-risk product and then offer services of a far more complex and risky nature. The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services, and in particular which financial products they are licensed for.
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