The new director of investigations and enforcement at the Financial Sector Conduct Authority , Brandon Topham, made it clear last week that he would be taking a tough stance against anyone defrauding South Africans of their hard-earned cash.
The FSCA’s powers have been expanded, making it easier to investigate potential fraud, and the number of staff in the investigation department has been doubled. Until recently, the powers of the regulator extended only to companies and individuals who were licensed under the Financial Services Board, which meant that when a consumer reported illegal activities of individuals or companies that were not registered, the regulator could not investigate.The FSCA also has the power to decide what products and services are considered part of the financial sector.
The department is taking a more proactive role in identifying scams by monitoring social media and advertisements – for example, those “foreign exchange traders” on Facebook who claim to double your money in a week.
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