The Financial Services Board (FSB) has issued a warning to consumers not to conduct financial services business with Ideal Dreams, a entity that advertises its services on the Internet inviting consumers to invest at least R5 000.00 and earn 5% interest per day, which is paid daily.
Ideal Dreams claims to be conducting arbitrage trading, which it says is risk free.
However, the FSB has issued a statement saying Ideal Dreams is not authorised as a financial services provider and is not a representative of an authorised financial services provider.
It adds that persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the Financial Advisory and Intermediary Services Act, no 37 of 2002. Such contravention is an offence which carries a heavy fine or period of imprisonment.