FSB warns against Outlook Forex Traders

The Financial Services Board (FSB) has warned the public about conducting business with Outlook Forex Traders. The business has been operating under the FSP number 17492, which belongs to Forex Brief (Pty) Ltd, a registered company (registration number 2000/028043/07).

The FSB stated: “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.”

When Justmoney contacted Forex Brief (Pty) Ltd it confirmed that it had reported Outlook Forex Traders to the FSB and that it was not affiliated in any way to Outlook Forex Traders. Forex Brief (Pty) Ltd offers treasury services to clients, as opposed to the investment services that Outlook Forex Traders was reportedly offering.

According to the FSB, Outlook Forex Traders has never applied for a licence or to be authorised as a financial services provider. The FSB added that Outlook Forex Traders mentions the name of Forex Brief (Pty) Ltd in its marketing material or advertisements with this company’s FSP number.

However, “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 is urging consumers to check with the FSB whether or not the person or institution is authorised to render financial services. You can contact the FSB via 0800 110 443 or www.fsb.co.za.