Forex firm Broker Capital (www.brokercapital.com) keeps attracting regulatory attention. After receiving warnings from the securities regulators in Ontario, British Columbia and Spain, the company has now gotten a similar notice from South Africa’s Financial Services Board (FSB).
The FSB has warned the public to act with caution when dealing with Broker Capital, as this is an entity that is not authorized in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to provide any financial advice and intermediary services in South Africa.
The regulator received a complaint that Broker Capital is contacting people to offer them training that will afford the candidates the ability to trade on the company’s trading platform.
Broker Capital says it is regulated by the International Financial Services Commission (IFSC) in Belize. The FSB notes, however, that even if properly authorized in Belize, Broker Capital still has to register in South Africa to target investors in the country.
The regulator adds that will be verifying with the authorities in Belize if Broker Capital is authorized with them as alleged.
To view the full text of the warning from FSB, click here.