A registration number can look reassuring and still be the wrong type of registration. Use the official regulator for the activity being offered.
The answer depends on what the person or business is actually offering you.
Use this when someone is giving financial advice or providing an intermediary service relating to financial products, such as investments, insurance or other regulated financial products.
Use this when a business is offering you credit — for example a loan, store credit or another credit agreement regulated by the National Credit Act.
Use this when a business claims it is a bank or accepts deposits from the public as part of the business of a bank. Registered banks are supervised by the Prudential Authority.
They regulate different activities. One registration does not automatically cover the other.
An authorised FSP is licensed under the FAIS framework to render financial advice and/or intermediary services in relation to financial products.
A registered credit provider extends credit under the National Credit Act. The statutory registration threshold is nil (R0), so the registration requirement is not avoided merely because the lender is small.
Do not verify a provider using only documents or links supplied by the provider itself.
Type the regulator's official web address or use the verified links on this page. Do not rely on a screenshot of a certificate.
Check that the exact business/person you are dealing with matches the registered entity. Scammers can copy another firm's FSP or NCR number.
For an FSP, confirm the authorisation is relevant to the product or service being offered. For a lender, confirm current NCR registration.
Use the regulator's record and the institution's official website to confirm the phone number, email/domain and bank details before paying.
Recruitment-based returns, guaranteed high profits, pressure to bring in new members and difficulty withdrawing funds are major warning signs.
SARB describes a pyramid scheme as requiring active participation and recruitment after an entry payment. In a Ponzi scheme, investors are generally passive while newer investors' money is used to pay earlier investors.