FSCA Warning: Be Cautious Of Patex Capital Group

The Financial Sector Conduct Authority (FSCA) on Friday warned the public to be “cautious and vigilant” when dealing with Patex Capital Group Limited (Patex Capital).

The FSCA said Patex Capital Group Limited (Patex Capital) is not authorised to give any financial advice or render any intermediary services.

The FSCA said it received information that Patex Capital is fraudulently using the financial services provider number of FXPRO Financial Services, FSP 45052.

FXPRO Financial Services deny any connection to Patex Capital and insist they did not authorise the use of their FSP Number.

“According to the information at hand, Patex Capital is not domiciled in South Africa but based in England,” said the FSCA.

“It is the FSCA’s view that, based on the information we received, Patex Capital 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 do so.”

The FSCA said members of the public should always check that an entity or individual is registered with them.

There are instances where persons are registered to provide basic advisory services for a low-risk product and then offer services of a far more complex and risky nature.

The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check if they are registered and for which products beforehand.

Members of the public can check with the FSCA on either the toll-free number (0800 110 443) or @ www.fsca.co.za