The Financial Sector Conduct Authority (FSCA) warns the public to be cautious of a
Telegram group impersonating Seed Investment Consultants. The Telegram group
advertises a Ponzi Scheme to potential clients.
The FSCA received confirmation from Seed Investment Consultants, a legitimate financial
services provider (FSP number 2346), that it did not give the Telegram group any right to
use its names to solicit investments from members of the public.
The FSCA warns the public against doing any financial services related business with the
said scam Telegram group.
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 reminds customers 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 https://www.fsca.co.za/Fais/Search_FSP.htm whether such institution or person is
authorised to render financial services.
