The Johannesburg Stock Exchange (JSE) has introduced ‘Verify a Broker’, an online tool designed to help people confirm if the stockbrokers and financial service providers they deal with are real and credible.
The tool works by providing a consolidated view of the JSE’s stockbroker database from the database managed by the Financial Sector Conduct Authority (FSCA), the regulatory body that oversees financial professionals and organisations in South Africa.
Every financial services provider, including stockbrokers, must be registered with the FSCA to operate legally. By searching using the organisations’ name or financial services provider number against this database, the tool ensures that the financial professionals you as an investing are considering are officially recognised and meet all regulatory standards, giving you peace of mind when you decide to invest through them.
“The tool is easy to use and helps everyone – from grandparents investing for their grandchildren to young professionals inspired by finance influencers on social media – to make sure their financial professionals are credible,” says Nongcali Rubushe, head of retail and business enablement at the JSE. “We want South Africans to feel confident and informed when making investment decisions with their hard-earned money. This tool makes the investment process more transparent and safer.”
The JSE or any of its representatives will never call to get your personal information or ask you to invest money over the phone. The only way to trade directly on the JSE, is through an authorised stockbroker. A list of stockbrokers can be found on www.jse.co.za/brokers/find-a-broker.