FSCA warns the public against Total Capital Trading
Publish date: 29 March 2019
Issue Number: 64
Diary: CompliNEWS
Category: Alert
The Financial Sector Conduct Authority (FSCA) warned the public on Tuesday to act with caution when dealing with Total Capital Trading (Pty) Ltd, which is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.
It has been brought to the attention of the FSCA that Total Capital Trading (Pty) Ltd is claiming to render financial and intermediary services without being authorised to do so, and again claims to be associated to Zwelonke Holdings which is an authorised financial services provider (FSP).
Zwelonke Holdings’ key individual, Mr Clifton Mario Heradien, confirmed that it is not linked to Total Capital Trading (Pty) Ltd.
Total Capital Trading (Pty) Ltd is neither authorised as an FSP nor is it a representative of an authorised FSP.
Persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the Financial Advisory and Intermediary Services Act, 37 of 2002. Such contravention is an offence which carries a fine not exceeding R10 million or period of imprisonment not exceeding 10 years.
