South Africa’s watchdog, the Financial Services Board (FSB) warned the general public against conducting financial business with the company Outlook Forex Traders.
The FSB notes that Outlook Forex Traders have never applied for a South African financial services license or to be authorized as a financial services provider and therefore is not one under local law. Furthermore, carrying out financial services in South Africa without the necessary license carries a hefty fine and even prison time.
According to the watchdog, Outlook Forex Traders was claiming it has a financial services registration number – FSP 17492. This number, however, is assigned to another forex broker – the local Forex Brief (Pty). The broker told the FSB that it is not related to Outlook Forex Traders.
In conclusion FSB reminds consumers to conduct a thorough research before investing any money with a financial services provider.
It appears that Outlook Forex Traders has meanwhile gone out of business, as an SMN check could not find its website on the internet. The Forex Brief site was also offline.