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"title": "ALERT: FSCA issues warning that Tumi Links Investments is not licensed to provide financial products or services",
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"contents": "The Financial Sector Conduct Authority (FSCA) says it has been notified that Tumi Links has offered to trade in forex products on behalf of members of the public. However, Tumi Links is not licensed in terms of any financial sector law to provide financial products or financial services and was unavailable for comment. For a person or a company to offer financial products or services in South Africa, they must be licensed to do so by the FSCA.\r\n\r\nLast year, the FSCA issued about 40 public warnings advising caution when dealing with so-called advisers and companies.\r\n\r\nIn a very bizarre development, Tumi Links did not respond to our emailed queries, but replied via Whatsapp with \"are you trying to steal my company I don't have any warning with FSCA so please don't try your little scams\".\r\n\r\nThe company does not appear to have a website, but is driven on social media. Posts include \"24-hour specials\" where \"R2 500 = R30 000\". This seems to mean that you get a return of R30 000 on a R2 500 investment.\r\n\r\n \r\n\r\nThe FSCA warning against Tumi Links can be read <a href=\"https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20-%20FSCA%20issues%20public%20warning%20against%20Tumi%20Links%20Investments_15%20January%202024.pdf\">here</a>.\r\n\r\n<strong>How to check the company you are dealing with is legit</strong>\r\n\r\nWhen dealing with financial services companies, consumers should check:\r\n<ul>\r\n \t<li>That an entity or individual is authorised by the FSCA to provide financial products and services, especially when giving recommendations about how to invest.</li>\r\n \t<li>What category of advice the entity or 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.</li>\r\n \t<li>That the FSP (financial service provider) number utilised by the entity or individual offering financial services matches the name of the FSP on the FSCA database. You can confirm a service provider’s status and FSP number by calling the toll-free number: 0800 110 443; conducting an<a href=\"https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-EntitiesPersons.aspx\"> online search for authorised financial institution</a>s by licence category; or conducting an<a href=\"https://www.fsca.co.za/Fais/Search_FSP.htm\"> online search for a financial institution that is an authorised FSP</a> in terms of the FAIS Act. <strong>D</strong><strong>M</strong></li>\r\n</ul>",
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