South Africa FSB warns the public against Outlook Forex Traders

The Financial Services Board (FSB) of South Africa would like to warn the public not to conduct financial services business with Outlook Forex Traders. Outlook Forex Traders is not authorised as a financial services provider and is not a representative of an authorised financial services provider.

Persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the Financial Advisory and Intermediary Services Act, 37 of 2002. Such contravention is an offence which carries a heavy fine or period of imprisonment.

Outlook Forex Traders never applied to the FSB for a licence or to be authorised as a financial services provider, and was therefore never issued such a licence. It has been brought to the attention of the FSB that Outlook Forex Traders mentions the name of Forex Brief (Pty) Ltd and cites FSP Number 17492 in its marketing material or advertisements.

The FSB would like to confirm that FSP number 17492 and registration number 2000/028043/07 belong to Forex Brief (Pty) Ltd, and not to Outlook Forex Traders.

The FSB has received confirmation from Forex Brief (Pty) Ltd that there is no relationship between itself and Outlook Forex Traders. Forex Brief (Pty) Ltd further confirmed to the FSB that it never authorised the use of its FSP Number, name and registration number by Outlook Forex Traders.

The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800110 443) or on the website as to whether or not such institution or person is authorised to render financial services.

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