FSCA warns the public against Ivory Option

The Financial Sector Conduct Authority (FSCA) on Friday warned the South African public to act with caution when dealing with Ivory Option.

“Ivory Option is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services,” said the statement from the FSCA.

The FSCA said it received information that Ivory Option was offering trading platforms but once the payment has been received, they turned out to be dummy trading platforms.

Ivory Option is based in the United Kingdom and it is not authorised to render financial services in South Africa.

The FSCA said it inquired with the office of the Financial Conduct Authority (FCA) in the United Kingdom and they confirmed that Ivory Option was not authorised and they had a warning notice posted about the firm that they were running a scam.

In the statement, the FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with it by either calling the toll-free number (0800 110 443) or via the website www.fsca.co.za.

– African News Agency

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