- The Financial Sector Conduct Authority (FSCA) has warned the public about Datum RS, a firm posing as an authorized financial services provider (FSP) and falsely associating itself with QuickTrade.
- QuickTrade, a legitimate FSP, has denied any affiliation with Datum RS. The FSCA clarified that Datum RS is not authorized to offer financial advice or intermediary services under the Financial Advisory and Intermediary Services (FAIS) Act of 2002.
- The FSCA has provided resources to the public for verifying the legitimacy of financial service providers and urged individuals to remain vigilant before conducting business with any entity.
The Financial Sector Conduct Authority (FSCA), South Africa’s leading financial regulatory agency, has issued a stern public warning about Datum RS, a firm allegedly posing as an authorized financial services provider (FSP) and falsely claiming an association with QuickTrade (Pty) Ltd.
The warning issued by the FSCA Executive Committee led by Commissioner U. Kamlana along with Deputy Commissioners A. Ludin, K. Gibson, and F. Badat advises the public to exercise extreme caution when conducting any financial-related business with Datum RS.
According to the FSCA, Datum RS has been fraudulently presenting itself as a financial services provider and alleging an association with QuickTrade, a reputable FSP with an FSP number of 45262. However, QuickTrade has categorically denied any affiliation with Datum RS.
The FSCA further clarified that Datum RS is not an authorised financial services provider under the Financial Advisory and Intermediary Services (FAIS) Act of 2002 and is therefore not permitted to offer financial advice or intermediary services. The agency revealed that it has attempted to reach out to Datum RS for a response but has so far been unsuccessful.
The watchdog organisation has urged the public to be vigilant and verify the legitimacy of financial service providers before conducting business. To determine whether an individual or entity is authorised to provide specific financial products, services, or advice, the FSCA has provided several resources:
- The public can call the toll-free number 0800 110 443 for enquiries.
- The FSCA website has a link for an online search tool for licensed financial institutions by product category.
- Another online search tool is available to verify whether an entity is an authorized FSP in terms of the FAIS Act.
The FSCA’s mission is to protect consumers from fraudulent financial schemes by ensuring all firms and individuals operating in the sector are licensed and adhere to the FAIS Act. With this latest warning, the regulatory body is reinforcing its commitment to safeguard the integrity of the financial sector and protect the interests of consumers.