Ronel Talks Money: How to Identify a Scam
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.
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?