The Financial Sector Conduct Authority (FSCA) issued a public warning about Mr Rick Steiner, who is falsely claiming to be an FSCA employee and using the authority’s details when contacting members of the public. Reports received by the FSCA indicate that Steiner is telling individuals their names appear on a list of scam victims and that funds are allegedly due to them, claiming USD 67 million was frozen by the FSCA and offering to help release the funds in exchange for a fee. The FSCA confirmed Steiner is not an employee and is unlawfully using its details without consent, and it was unable to reach him on the contact details provided. The authority also reiterated that it is not mandated to recover investors’ funds, that relevant Ombud schemes are mandated to assist with recoveries, and that the FSCA will not request fees or payments from victims in relation to investigations.
South Africa Financial Sector Conduct Authority 2025-11-17
South Africa’s Financial Sector Conduct Authority warns the public about an impersonator claiming it froze USD 67 million and offering fund releases for a fee
The Financial Sector Conduct Authority (FSCA) warned about Mr. Rick Steiner, falsely claiming to be an FSCA employee and using its details to contact the public. Steiner allegedly tells individuals they are on a list of scam victims and offers to release USD 67 million supposedly frozen by the FSCA for a fee. The FSCA clarified Steiner is not an employee, it does not recover investors' funds, and it will not request fees from victims.