Discovery Online Trade Plus is unauthorised, says FSCA

The Financial Sector Conduct Authority (FSCA) has issued a warning against engaging with Discovery Online Trade Plus, asserting that the entity is unauthorised to offer online trading services. The FSCA claims the company has been leveraging another company's licence details to target South African investors. Discovery Online Trade Plus, also known as Discovery Plus, had falsely represented itself as an authorised financial services provider.

It had been using the FSP number of Gikuyu Brokers Investments, identified as Giyuku Brokers, to entice potential investors and market investment opportunities. Allegedly, Giyuku Brokers has denied any association with Discovery Plus. The FSCA confirms that Discovery Plus is not authorised by them to provide financial and online trading services to the public.

They were unable to reach Discovery Plus due to the lack of contact details. The regulator advises consumers to steer clear of financial advice, assistance, or investment offers from unauthorised entities. They suggest verifying a provider's authorisation status through clear documentation or by checking with the FSCA. Warning signs of fraudulent investment schemes include unrealistic promises of returns, promotions via social media, upfront payment demands, requests for additional funds before returns, pressure to make hasty decisions, and unclear product information.

The FSCA provides a toll-free verification line (0800 110 443) and an online database for consumers to verify the authorisation of financial services providers.