The Financial Sector Conduct Authority (FSCA) previously warned the public to be cautious when doing financial services business with Ms Marietjie van der Merwe and IC Markets Ltd, following complaints received about Van der Merwe. The FSCA pointed out that neither are authorised to provide financial advice or render intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
IC Markets has in the meantime engaged with the FSCA and explained that Ms Marietjie van der Merwe, is not linked in any way to IC Markets nor has it given Van der Merwe permission to render any services on its behalf. The FSCA has no evidence to suggest that IC Markets was part of, or aware of the activities of Van der Merwe. IC Markets confirmed that they are not conducting financial services business in SA.
IC Markets are therefore not under investigation by the FSCA. Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. 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 beforehand with the FSCA on either the toll-free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services, and in particular which financial products they are licensed for.
South African COVID-19 Information Portal
iBusiness on COVID-19