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Public Warning Against Persons Impersonating Scope Markets SA (Pty) Ltd and Its CEO

The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with persons using WhatsApp, purporting to be associated with Scope Markets SA (Pty) Ltd (Scope Markets) and its Chief Executive Officer (CEO), Mr Robert J. Van Eyden.

The FSCA has received information that there are individuals who are using the persona of Scope Market’s CEO on WhatsApp to solicit investments from members of the public.

The impersonators are using an “Irrevocable Trust Agreement” in the name of Scope Markets to sign up clients. Scope Markets has confirmed that neither it nor its CEO are associated with the impersonators. Scope Markets also confirmed that the agreement being used by the impersonators was fraudulent and not issued by it.

The FSCA points out that offering financial products and services in South Africa requires its authorisation. The impersonators are not authorised to provide financial services.

The public is strongly urged to exercise caution when considering investment or trading offers on social media or any unsolicited offers.

It is highly recommended that the public verify:

  • that an entity or individual is authorised by the FSCA to provide financial products and services, including for giving recommendations about how to invest.
  • what category of advice the person is registered to provide, as there are instances where companies or people are registered to provide basic advice for a low-risk product and then offer advice on far more complex and risky products.
  • that the FSP number utilised by the entity or individual offering financial services matches to name of the FSP on the FSCA database.
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