South Africa’s regulator warns against unauthorized FX broker GDSMI

South Africa’s Financial Services Board (FSB) has issued a warning against conducting financial services business with Go Direct Stock Market Investments (GDSMI) – a company offering Forex and binary options services, Mr Mzoxolo Bezu and/or Mr Mbuso Mthethwa.

The watchdog notes that GDSMI, Bezu and Mthethwa are not authorised to provide financial services. They are also not representatives of an authorised financial services provider as required by the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2002.

In addition, the warning says that the Registrar of Financial Services Providers has received complaints from clients that their money invested with GDSMI or invested on behalf of clients by GDSMI, has not been paid back and that they have not received promised returns on their investments.

The FSB reiterates that consumers should check the regulatory status of the firm whose services they wish to use.

To view the official warning by FSB, click here.

Read Also: