PATEX CAPITAL USES FAKE FSP NUMBER, SAYS FSCA

THE Financial Sector Conduct Authority (FSCA) said this week warned financial services Patex Capital is not authorised to offer financial advisory services, or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act. FSCA said Patex was using a fraudulent financial services provider (FSP) number of FXPRO Financial Services. FXRPRO indicated that they have no connection to Patex Capital and did not authorise the use of their FSP Number, the FSCA said. According to the FSCA Patex Capital is not domiciled in South Africa but based in England and may be conducting unregistered business and providing advisory and intermediary services without the necessary authorisation. “Alternatively, they may not be providing financial services at all but are engaging in activities using a FSP number without authorisation to so,” said the FSCA. The FSCA said members of the public should always check that an entity is registered with the FSCA to provide Financial Advisory & Intermediary Services. | Dineo Faku