South Africa's Financial Sector Conduct Authority (FSCA) issued a public warning urging caution when conducting financial services business with Mr Michael Jacobs and AMFX Solutions, after receiving information that they are soliciting funds from the public for investment purposes while promising unrealistic returns. The FSCA noted that neither Mr Jacobs nor AMFX Solutions is authorised under any financial sector law to provide financial services to the public in South Africa. The warning highlights a reported offer encouraging the public to “Invest and enjoy 300% profit, receivable every month for 6 months”, and cautions that exaggerated returns should be treated with suspicion. The FSCA advised the public to avoid taking advice or investment offers from unauthorised individuals or entities, to verify a provider’s authorisation status and financial services provider number, and to be alert to common scam indicators including offers via social media, upfront payments, demands for additional funds to access returns, paid training requirements, urgency tactics and vague product information.
South Africa Financial Sector Conduct Authority 2025-10-02
South Africa Financial Sector Conduct Authority warns public against Michael Jacobs and AMFX Solutions for unauthorised investment solicitations promising 300% monthly profit
The South Africa Financial Sector Conduct Authority (FSCA) issued a warning against Mr Michael Jacobs and AMFX Solutions for soliciting public investments with promises of unrealistic returns. Neither party is authorised to provide financial services in South Africa. The FSCA advises caution and verification of authorisation status to avoid scams.