Ronel Talks Money: How to Identify a Scam

Ronel Talks Money: How to Identify a Scam

Introduction:

An informative Ronel Talks Money discussion with Lyndwill Clarke, the Head of Consumer Education at the Financial Services Conduct Authority (FSCA). We discuss how to identify a scam? How to protect yourself against scams? What is the difference between a pyramid scheme and ponzi scheme? How dealing with an authorised financial services provider can give you a level of comfort.

Watch the Interview Here

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A few of the questions we answer in this interview:

Tell us more about the FSCA and the role of the FSCA?
Is the scope of FSCA applicable to South Africa only (offshore transactions)?
Explain the concept of authorised FSP in layman’s terms?
What are the typical controls, procedures that will be in place at an authorised FSP to protect the public
What is the process for the public to follow if they have a complaint about the industry?
Explain Ponzi-scheme and pyramid scheme in layman’s terms?
What are the red flags consumers should look out for to identify a potential scam or unauthorised activities?
How to confirm whether you deal with an authorised FSP?
If a consumer come across irregularities, what should they do?
The importance of financial education?