South Africa’s independent regulator, the Financial Services Board (FSB), today issued a warning against Stockpair.net, a binary options broker domiciled in Belize and not authorised to render financial services in South Africa, according to a recent FSB statement.
Stockpair.net is an offshore broker with a history of raising the hackles of financial regulators. Several Canadian provincial watchdogs have warned against the binary broker in the last two years. France’s financial market regulator, the Autorité des Marchés Financiers (AMF), followed suit with its own investor alert.
According to the broker’s website, Stockpair.net is a brand operated by NXB Financial Services Ltd, a financial services company which is authorized and regulated by the Belize International Financial Services Commission.
According to the South African watchdog, Stockpair.net solicits investments from the general public in order to trade on its platform but is not authorised to render financial services in the country. Furthermore, Stockpair.net is not a representative of an authorised financial services provider, as required by the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2002.
South Africa is one of the world’s top ten capital markets and home to thousands of investors, and has become a repeated destination for brokers.
The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either a toll free number or on the website www.fsb.co.za. The FSB is an independent institution, established by statute to oversee the South African non-banking financial services industry in the public interest, and fully funded by fees and levies imposed on this industry.