The South Africa Financial Sector Conduct Authority (FSCA) issued a public warning urging caution when conducting financial services business with Barclays Academy, which it says is soliciting funds from the public for investment purposes while promising unrealistic returns. The FSCA noted that Barclays Academy is not authorised under any financial sector law to provide financial services to the public in South Africa. Members are reportedly being recruited through Facebook, and the FSCA cautioned that promises of unrealistic returns should be treated with suspicion. Barclays Academy did not respond to FSCA queries. The FSCA also reminded the public to avoid accepting financial advice, assistance or investment offers from unauthorised individuals or entities, and to verify authorisation status, the category of advice a provider is registered to give, and that any financial services provider number used matches the name listed on the FSCA database.
South Africa Financial Sector Conduct Authority 2025-10-17
South Africa Financial Sector Conduct Authority warns the public against Barclays Academy for soliciting investment funds without authorisation
The South Africa Financial Sector Conduct Authority (FSCA) issued a warning against Barclays Academy, which is soliciting funds with promises of unrealistic returns without proper authorization. The FSCA highlighted recruitment via Facebook and urged the public to verify the authorization status of financial service providers. Barclays Academy did not respond to FSCA inquiries.