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FSCAFinancial Sector Conduct Authority

The Financial Sector Conduct Authority (FSCA) is South Africa's market conduct regulator, established on 1 April 2018 under the Financial Sector Regulation Act. An FSCA licence under the FAIS Act is granted by category (CAT I, CAT II, CAT IIA, CAT III) and lists the exact activities a firm may perform, and any firm can be checked in about a minute on the FSP register by FSP number or partial name. Two facts matter most before you deposit: the FSCA states that it is not mandated to resolve individual complaints, and the ombud that does handle advice and intermediary disputes, the FAIS Ombud, has a claim limit of R3 500 000 and a three year window from when you became aware of the problem.

Country
South Africa
Jurisdiction
Government Reg.
Established in
1991
Forex Regulation
77
Overall Rating
115
Licensed Brokers
High
Transparency Index
Tier 2
Global Tier
IOSCO Member
FATF Member
The regulator
Updated

About FSCA

The Financial Sector Conduct Authority (FSCA) is South Africa's market conduct regulator, established on 1 April 2018 under the Financial Sector Regulation Act. An FSCA licence under the FAIS Act is granted by category (CAT I, CAT II, CAT IIA, CAT III) and lists the exact activities a firm may perform, and any firm can be checked in about a minute on the FSP register by FSP number or partial name. Two facts matter most before you deposit: the FSCA states that it is not mandated to resolve individual complaints, and the ombud that does handle advice and intermediary disputes, the FAIS Ombud, has a claim limit of R3 500 000 and a three year window from when you became aware of the problem.

Tier 2
Brokers on the record
115
Compensation cap
ZAR 500,000
Retail leverage cap
1:30
Cost of a licence
USD 50,000–100,000+

The Financial Sector Conduct Authority (FSCA) is a dedicated market conduct regulator for South Africa, responsible for regulating the conduct of financial institutions and ensuring that the financial sector operates fairly, efficiently, and transparently.

The FSCA was created as an authority established by the Financial Sector Regulation Act (FSR Act) and is part of South Africa's Twin Peaks regulatory framework. The FSCA has the power to regulate financial institutions that offer financial products and services subject to sector-specific legislation, including banks, insurers, retirement funds, administrators, and market infrastructures.

Vision And Mission Statements

The FSCA's vision is as follows:

"to develop a fair, efficient and resilient financial system that promotes inclusive and sustainable economic growth in South Africa."

The FSCA exists to develop an inclusive, customer-centric, and competitive financial environment by:

• Ensuring financial customers have access to innovative, appropriate products and services, and are empowered to make informed financial decisions.

• Ensuring the financial markets are fair, effective, and efficient in developing and maintaining trust in the system.

• Ensuring regulatory, supervisory, and enforcement provisions are proactive and responsive and can hold financial institutions accountable for their conduct and promote ethical behavior.

Strategic Outcomes

To achieve its mandate, the FSCA has listed several strategic outcomes it will concentrate on:

• We will improve Industry Practices – drive the conversation and the positive change so that those financial institutions (e.g., insurers, banks, etc.) deliver fair outcomes to their customers.

• We will help Harmonise Regulatory Frameworks• Enhancing Social Responsibility – The FSCA is making a move towards responsiveness and responsibility, aiming to improve current practices in the operation.

• Enhancing the Ability of Small Businesses and Households – Increasing financial literacy changes the resilience of both consumers and small businesses.

• Enabling New innovative and Inclusive – We want to enable the evolution of a sustainable and inclusive financial system that can adapt to changes in market need.

• Taking Action against Wrongdoing - A firm stance is needed to show that we are addressing wrongdoing or unethical behaviour, making sure there is confidence and the integrity of the South African financial markets.

Mandate and Scope of Regulation

The FSCA's mandate is broad, having the regulatory umbrella for,

• Banks and Insurers - so supervising institutions to make sure they are complying with the financial sector laws, and their dealings with customers are fair

• Retirement Funds and the individuals to contribute to them – Monitor the operation of these funds to safeguard members' savings and fund sustainability.

• Providers of financial products and services - So we supervise the firms that do the work of providing investment, insurance, credit, and other related services to make sure these activities are being done transparently and with trust in the process.

• Market Infrastructures - So we can oversee the trading platforms and additional services that allow the market to operate effectively, securely, and efficiently.

The FSCA does its work by safeguarding customers, regulating market materials, and enabling where we can, where we want to, or where we can. At the same time, ensuring firms take accountability for the conduct they abide by.

Core Values

The FSCA commits to core organisational values that ultimately drive how we act:

• Excellence – We consistently deliver service to the highest professional standards in all our regulatory activities, striving for quality in everything we do.

• Integrity and Accountability - We will manage ourselves with integrity, honesty, transparency, and consistency in everything we do and will take accountability for our actions and decisions.

• Collaboration – We will work towards a collaborative workplace built on mutual respect and trust amongst each other and stakeholders alike.

• Agility – We will be agile in our response to a changing market structure, changing circumstances, and new and emerging risks.

• Sustainability - We will value sustainability and actively support those who have responsible conduct linking the needs of today with the needs of future generations.

Consumer Protection and Financial Literacy

One of the key areas of focus for the FSCA is to enhance the financial literacy of customers through education, awareness, and empowerment. By producing resources and promoting financial literacy, we can empower individuals and businesses to make informed decisions about the products and services they use.

The FSCA is also responsible for ensuring that customers are treated fairly in accordance with the principles of transparency, operating in good faith, and integrity throughout the engagement process with clients.

On the record

Established
1991
Country
South Africa
Oversight
Government body
Scope
Regulates forex and CFD brokers
Membership
IOSCO and FATF member
Transparency
High
Public register
Open the register
Website
fsca.co.za
Phone
0800203722
Hotline
0800 313 626
Email
info@fscb.co.za
Online contact
fsca.co.za
Related site
faisombud.co.za
Protection check

What a licence from FSCA protects

Under FSCA rules, client money at a licensed firm is covered by a compensation scheme, and a dispute the firm will not settle can go to FSCA Dispute Resolution.

3 facts on record
  • Compensation schemeUp to ZAR 500,000
  • Complaints routeFSCA Dispute Resolution
  • Maximum leverage1:30

What is protected

Redress under this regime runs through the ombud system rather than a payout fund. The FSCA states that it is not mandated to resolve individual complaints or disputes between consumers and financial institutions, and that consumer complaints fall to the financial ombud services or other designated dispute resolution bodies. For financial advice and intermediary services that is the FAIS Ombud, whose determinations are capped by a monetary jurisdictional limit of R3 500 000 per claim. None of the FSCA or FAIS Ombud documents read in this run set out a statutory investor compensation fund that pays clients when a licensed firm fails, and the client money and segregation rules sit in the General Code of Conduct, which was not in the corpus for this reading.

How to verify a licence

Open the FSCA FSP search at https://www2.fsca.co.za/Fais/Search_FSP.htm. Enter the FSP number using only the last digits (the page gives the example that for 26/10/1234 you enter 1234), or do a partial search on the firm's name, or search by postal code. The results table returns FSP No, FSP Name, Trading Name, Status, Rep, KI, KI of Rep, Sole Prop and Products, and an authorised firm shows Authorized in the Status column. The same search tool is titled 'Search Authorised and Applied FSPs', so a firm that has only applied can appear in your results: read the Status column, not just the presence of a row. To check the individual adviser rather than the company, the page states that information about persons on the list must be verified by searching on the person ID number. The same register is reachable from the FSCA site as 'Check if a firm is authorised' at https://www.fsca.co.za/Entity-Persons-Search/?iframe_target=financial-services-providers. If an entry does not match what a firm told you, the FSCA call centre number published on the search page is 0800 20 37 22.

Open the registerOfficial website

How to complain

Complain to the firm first. The FAIS Ombud complaint form states that you have to approach the party you are aggrieved with and give them six weeks to resolve the matter before that Office can help. If it is unresolved, lodge the complaint with the Office of the Ombud for Financial Services Providers (FAIS Ombud) using the complaint form at https://www.faisombud.co.za, by email to info@faisombud.co.za or by post to PO Box 41, Menlyn Park, 0063. The deadline is three years from when you became aware, or ought to have become aware, of the act or omission complained of. The claim limit is R3 500 000, and above that you must abandon the excess in writing or the respondent must consent. If you have already instituted court proceedings on the same subject matter, the FAIS Ombud will not investigate. The FSCA itself takes complaints about how a regulated firm conducts itself and about contraventions of the laws it administers, but it states that it does not resolve individual disputes.

Hotline
0800 313 626
These are the rules FSCA sets for the firms it licenses, read from its own record. They say nothing about how any one broker applies them, or which of its companies would hold your account; that is checked on each broker's own page.
Licensing terms

Getting licensed by FSCA

A licence from FSCA costs USD 50,000–100,000+ to obtain on the record and covers 6 instrument types.

USD 50,000–100,000+
Licence types
ODP Category IIA – Principal & Agency OTC Derivatives
Business models allowed
Retail Agency (STP); Market Maker (Principal); Provide Liquidity (PoP)
Cost to obtain
USD 50,000-100,000 + ~USD 270k capital
Coverage
South Africa - Africa - many global EMs
Not served
North Korea - UN-sanctioned countries

6 instruments regulated

  • Forex
  • Bond
  • Stocks
  • Fund
  • Derivatives
  • CFD
From the documents
Reviewed

What FSCA's own documents say

14 facts read from 18 official documents published by FSCA, each quoted and linked to its source.

14 facts

Jurisdiction and scope

The licence is a South African market conduct authorisation. The FSCA regulates the conduct of banks, insurers and microinsurers, financial services providers, section 13B administrators, crypto asset service providers, cooperative financial institutions and banks, collective investment schemes (securities, property, participation bonds, hedge funds and foreign schemes), retirement funds, credit rating agencies, exchanges, central securities depositories, associated clearing houses, over the counter derivative providers and friendly societies. Crypto assets were declared a financial product in 2022 under the FAIS Act, which is why crypto firms hold FSP numbers. Under the FSR Act transitional arrangements, prudential regulation and supervision of retirement funds, collective investment schemes and friendly societies moves to the Prudential Authority by 31 March 2026, with medical schemes by 31 March 2027, while the FSCA keeps conduct regulation. The FSCA also states that payment services, services related to credit and debt collection, and services related to foreign exchange are to be brought under its conduct framework as the relevant licensing provisions take effect.

Using this regulator

Ask the firm for its FSP number and check it yourself on the FSP search, then compare the Status column and the licence categories against what the firm sells you. A CAT I entry authorises advice and intermediary services; investment management on your behalf needs CAT II, and administrative services needs CAT III, so a discretionary mandate offered by a CAT I only firm is outside that licence. Check the register close to the date you fund an account: the FSCA suspended 1 061 FSP licences in 2023/24, so a screenshot from months earlier proves little. Keep written proof of your complaint to the firm and the date you first realised there was a problem, because both the six week internal period and the three year deadline are measured from those points. If your claim is above R3 500 000, decide early whether you will abandon the excess to stay inside the FAIS Ombud's limit or pursue the matter in court, since going to court closes the ombud route.

Good to know

Fee amounts for an FSCA licence could not be quoted. The FSCA Determination of Fees PDF at https://www2.fsca.co.za/Notices/Determination_of_Fees.pdf is a scanned image with no extractable text, and the FSCA levies and fees sections on https://www.fsca.co.za/Regulated-Entities/ load their content dynamically, so no figure was readable this run. The FAIS Ombud levies proposal (Annexure A to C) was downloaded by the harness but its text was not available in this reading, so no levy amount is stated. The General Code of Conduct for Authorised Financial Services Providers and Representatives and the FAIS Act itself were not in the corpus, so client money, segregation and any leverage or margin rules were not read. The FSCA Regulatory Actions Report of 30 June 2025 was present only as far as its contents pages, and the FSCA annual report text was not available, so the enforcement figures quoted here come from the Regulatory Strategy 2025 to 2028 instead. Seven linked documents could not be downloaded (three fscamymoney research PDFs timed out, three IFWG position papers closed the connection, and one FSCA manual URL contained a space). The consumer facing 'Check if a firm is authorised' page embeds the search from a separate application host, so its body text was not quotable and the quotations for the register come from the FSCA FSP search page at www2.fsca.co.za.

Key facts

KeyVerifying a licence

Check an FSP by number or partial name on the register

A trader can confirm in about a minute whether the FSP number on a broker's website belongs to that firm, and can search by name when the number given is wrong or missing.

The FSCA FSP search accepts an FSP number, a partial firm name, a postal code or a person ID number. The page states that only the last digits of the FSP number are entered, giving the example that for 26/10/1234 you enter 1234.

To search for a specific FSP you can either type in the FSP number or do a partial search on the FSP name.
Quoted in Search Authorised and Applied FSPsRead the source
Please enter either the FSP number,partial name or postal code in the boxes below (only the last digits ex. 26/10/1234, only enter 1234)
Quoted in Search Authorised and Applied FSPsRead the source

Where in the document: FSP search page, search instructions

  • public register
  • license verification
  • fsp number
KeyPublic register

The FSP search covers authorised and applied providers

Finding a row for the firm is not the same as finding an authorisation, because a firm that has only applied can also appear. The Status column is the field that answers the question.

The register tool is titled Search Authorised and Applied FSPs, and the results table carries a Status column alongside FSP No, FSP Name, Trading Name, Rep, KI, KI of Rep, Sole Prop and Products. A firm that is authorised shows Authorized in that column.

Search Authorised and Applied FSPs
Quoted in Search Authorised and Applied FSPs, page titleRead the source
FSP No FSP Name Trading Name Status Rep KI KI of Rep Sole Prop Products
Quoted in FSP Search Results, results table headerRead the source

Where in the document: FSP search page title and results table header

  • public register
  • license verification
  • licence status
KeyScope of authorisation

FSP licences are granted by category and listed activity

It tells you whether the service a firm is offering you is inside its licence. A firm holding only CAT I is authorised to advise and to act as intermediary, not to manage your money on a discretionary mandate.

An FSP licence under the FAIS Act is issued in categories, and the published lists show each firm's categories next to its permitted activities: CAT I for advice and intermediary services, CAT II for investment management, CAT IIA, and CAT III for administrative services.

LIST OF CRYPTO ASSET SERVICE PROVIDERS (CASPS) AUTHORISED UNDER THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES (FAIS) ACT, NO. 37 OF 2002
Quoted in List of Crypto Asset Service Providers (CASPs) authorised under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002, p.1Read the source
FVV CAPITAL (PTY) LTD 45040 CAT II • Investment management
Quoted in List of Crypto Asset Service Providers (CASPs) authorised under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002, p.14Read the source
WEALTHFOUNDRY (PTY) LTD 49421 CAT III • Administrative services
Quoted in List of Crypto Asset Service Providers (CASPs) authorised under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002, p.34Read the source

Where in the document: List of authorised CASPs, licence categories and authorised activities columns

  • scope of authorisation
  • licence categories
  • fais act
KeyHow to complain

Three years to lodge a complaint with the FAIS Ombud

3

The clock starts when you first should have realised something was wrong, not when you gave up on the firm, so a long internal dispute can use up the window.

The FAIS Ombud may not investigate a complaint where the complainant became aware, or ought to have become aware, of the act or omission more than 3 years before the Office receives it.

This Office may not investigate complaints where the complainant became aware or ought to have become aware of the act or omission complained of more than 3 years before the receipt thereof by the Office.
Clause 4 in Pre-requisitesRead the source
In other words, you have 3 years to lodge a complaint with this Office when you become aware of the concerns surrounding the financial service rendered.
Clause 4 in Pre-requisitesRead the source

Where in the document: Pre-requisites, item 4

  • complaint deadline
  • fais ombud
  • prescription
KeyHow to complain

FAIS Ombud claims are limited to R3 500 000

ZAR 3,500,000

If your loss is larger than R3 500 000, this route costs you the difference unless the firm consents, which is worth knowing before you choose between the ombud and a court.

The FAIS Ombud has a monetary jurisdictional limit of R3 500 000. Above that figure the Office can act only if the complainant abandons the excess in writing, or if the party complained against agrees that the Ombud may entertain the complaint.

The FAIS Ombud has a monetary jurisdictional limit of R3 500 000. This means, we are not allowed to entertain a case where the amount claimed is more than R3 500 000 unless two events take place:
Clause 2 in Pre-requisitesRead the source
For us to assist with your complaint, the total amount you are claiming may not exceed R3 500 000.
Quoted in Complaint Form, p.3Read the source
You will have to forego / abandon, in writing, the amount in excess of R3 500 000, or
Quoted in Complaint Form, p.3Read the source

Where in the document: Pre-requisites, item 2, and complaint form, jurisdiction page

  • compensation
  • complaint route
  • fais ombud
  • claim limit
KeyWhat is protected

The FSCA does not resolve individual client disputes

If your money is with a licensed firm and something goes wrong, the recovery route is the relevant ombud, not the regulator. The FSCA still wants to hear about conduct and contraventions, and it uses ombud reports and complaints data in its supervision.

The FSCA states that it is not mandated to resolve individual complaints or disputes between consumers and financial institutions, and that consumer complaints fall within the jurisdiction of the financial ombud services or other designated dispute resolution bodies.

However, the FSCA is not mandated to resolve individual complaints or disputes between consumers and financial institutions.
Quoted in FSCA Regulatory Strategy 2025-2028, p.8Read the source
Consumer complaints fall within the jurisdiction of financial ombud services or other designated dispute resolution bodies, which were specifically established to address and resolve individual grievances.
Quoted in FSCA Regulatory Strategy 2025-2028, p.8Read the source
The FSCA assists clients with legislative related complaints dealing with the manner in which the regulated companies conduct themselves and any contravention of the acts by which they are governed.
Quoted in Enforcement ActionsRead the source

Where in the document: Regulatory Strategy 2025-2028, Our scope of responsibility in complaint handling, page 8

  • complaint route
  • protection scope
  • ombud

More facts, by topic

The same search lists authorised and applied providersThe register tool is titled Search Authorised and Applied FSPs, so the Status column is the field that answers your question, not the presence of a row. An authorised firm reads Authorized. Individuals on the list have to be checked by person ID number, and the FSCA publishes 0800 20 37 22 for enquiries about an entry.1 fact
UsefulPublic register

Individuals must be verified by ID number on the register

If the person advising you is the point at issue rather than the company, the name search is not the field to rely on, and the call centre is the published route for confirming an entry that does not match what a firm has told you.

The FSP search page states that information about persons on the list must be verified by a search on the person ID number, and it publishes the FSCA call centre number 0800 20 37 22 for enquiries. The same page records that the FSCA gives no warranty as to the correctness of the information.

The information of the persons contained on the list must be verified with search on the person ID number.
Quoted in Search Authorised and Applied FSPsRead the source
While every care and effort have been taken to ensure the accuracy and completeness of the information provided, the Financial Sector Conduct Authority makes no representation and gives no warranty, whether express or implied, relating to the correctness of the information in this document.
Quoted in Search Authorised and Applied FSPsRead the source

Where in the document: FSP search page, disclaimer

  • public register
  • representatives
  • verification
Three years to complain, capped at R3 500 000You have 3 years from when you became aware, or ought to have become aware, of the act or omission, and the FAIS Ombud cannot entertain a claim above R3 500 000 unless you abandon the excess in writing or the firm consents. Before that, give the firm 6 weeks to resolve the matter and keep the proof. Starting court proceedings on the same subject matter closes the ombud route.1 fact
UsefulHow to complain

Give the firm six weeks first, and court closes this route

Two things follow for a trader: complain to the broker in writing and keep the dated proof, and do not start litigation on the same facts if you want the ombud to look at it.

The complaint form states that you have to approach the party you are aggrieved with first and give them 6 weeks to resolve the matter, with proof attached. It also states that if you have already approached a court, the Office cannot help.

You have to approach the party you are aggrieved with first and provide them with a period of 6 weeks to resolve the matter before this Office can help with your complaint.
Quoted in Complaint Form, p.4Read the source
If you have already approached a Court for assistance, this Office cannot help with your complaint.
Quoted in Complaint Form, p.4Read the source
The FAIS Ombud will not investigate a complaint where, before the date of receipt of the complaint by the FAIS Ombud, or during an investigation by the FAIS Ombud, the complainant institutes proceedings in a court regarding the subject matter of the complaint.
Clause 3 in Pre-requisitesRead the source

Where in the document: Complaint form, Very important box, page 4

  • complaint route
  • fais ombud
  • internal complaint
CAT I covers advice, CAT II covers managing your moneyFSP licences are issued in categories: CAT I for advice and intermediary services, CAT II and CAT IIA for investment management, CAT III for administrative services. The published lists set each firm's categories beside its authorised activities. It is a conduct licence under the twin peaks model, with prudential soundness assessed separately by the Prudential Authority.1 fact
ContextScope of authorisation

An FSCA licence is a conduct authorisation under twin peaks

It sets the right expectation for what the licence certifies: how a firm must treat you and behave in the market, decided separately from any assessment of the firm's capital or solvency.

The FSCA is the market conduct regulator of financial institutions in South Africa, established under the Financial Sector Regulation Act, which introduced the twin peaks model. Prudential regulation sits with the Prudential Authority, and the FSCA states that it will continue to fulfil its mandate for conduct regulation.

The FSCA is the market conduct regulator of financial institutions in South Africa, established under the FSR Act which introduced the twin peaks model of financial sector regulation.
Clause 4 in FSCA Regulatory Strategy 2025-2028, p.7Read the source
While the PA takes on prudential regulatory functions, the FSCA will continue to fulfil its mandate for conduct regulation.
Quoted in FSCA Regulatory Strategy 2025-2028, p.10Read the source

Where in the document: Regulatory Strategy 2025-2028, section 4 and section 4.3

  • scope of authorisation
  • twin peaks
  • prudential authority
Crypto platforms need an FSP licence and fit and proper approvalMore than 250 crypto asset service providers have been licensed since the FSCA declared crypto assets a financial product in 2022 under the FAIS Act. Licensed firms must meet fit and proper requirements, run risk management protocols and comply with disclosure obligations. That makes a South African crypto or forex platform checkable on the same register as any adviser.1 fact
UsefulLicensing requirements

Crypto firms need an FSP licence and fit and proper approval

250

A South African crypto or contract for difference platform that trades on trust alone can now be checked: it should hold an FSP number and appear on the FSP register with the categories that match what it offers you.

The FSCA declared crypto assets a financial product in 2022 under the FAIS Act, and more than 250 crypto asset service providers have been licensed since. Licensed CASPs must meet fit and proper requirements, put risk management protocols in place and comply with disclosure obligations.

the FSCA declared crypto assets a financial product in 2022 under the Financial Advisory and Intermediary Services (FAIS) Act. This milestone brought greater certainty to the sector, ensuring that crypto asset-related financial services operate within a well-regulated environment.
Quoted in FSCA Regulatory Strategy 2025-2028, p.20Read the source
These entities are now subject to robust regulatory oversight, requiring them to adhere to fit-and-proper requirements, implement robust risk management protocols, and comply with disclosure obligations.
Quoted in FSCA Regulatory Strategy 2025-2028, p.20Read the source

Where in the document: Regulatory Strategy 2025-2028, page 20

  • licensing requirements
  • fit and proper
  • crypto assets
Prudential oversight of funds moves to the Prudential Authority by 31 March 2026By 31 March 2026 the prudential regulation of retirement funds, collective investment schemes and friendly societies sits with the Prudential Authority, with medical schemes following by 31 March 2027. The FSCA keeps conduct regulation across banks, insurers, FSPs, market infrastructures and crypto asset service providers. Payment services, credit related services and foreign exchange services are set to come under its conduct framework as licensing provisions take effect.1 fact
UsefulJurisdiction and limits

Prudential oversight of funds moves to the Prudential Authority

It tells you which authority to approach on which question during the transition, and confirms that an FSCA conduct licence and prudential supervision are two separate assessments.

Prudential regulation and supervision of retirement funds, collective investment schemes and friendly societies transfers to the Prudential Authority by 31 March 2026, with medical schemes following by 31 March 2027, while conduct regulation stays with the FSCA.

In line with the FSR Act’s transitional arrangements, the prudential regulation and supervision functions for retirement funds, collective investment schemes, and friendly societies will move to the PA. This transition is set to take effect by 31 March 2026, with medical schemes following by 31 March 2027.
Quoted in FSCA Regulatory Strategy 2025-2028, p.10Read the source

Where in the document: Regulatory Strategy 2025-2028, page 10

  • jurisdiction limits
  • prudential authority
  • transition
The FSCA is a member of IOSCO and eight other bodiesThe FSCA records membership of IOSCO, IOPS, IAIS, FSI, FATF, OECD, FSB, AFI and Finconet, and cooperation through bilateral and multilateral memoranda of understanding. For a trader outside South Africa, that means a formal channel exists between the FSCA and a home regulator on a cross border question.1 fact
ContextMembership and standing

FSCA is a member of IOSCO and eight other bodies

Membership of IOSCO and the presence of information sharing agreements mean a cross border enquiry about a South African licensed firm has a formal channel between regulators.

The FSCA states that it is a member of IOSCO, IOPS, IAIS, FSI, FATF, OECD, FSB, AFI and Finconet, and that its regulatory cooperation runs through bilateral and multilateral memoranda of understanding.

Our regulatory cooperation and collaboration is enabled through various bilateral and multilateral memoranda of understanding (MoUs). Furthermore, the FSCA is a member of IOSCO, IOPS, IAIS, FSI, FATF, OECD, FSB, AFI, and Finconet.
Quoted in Enforcement ActionsRead the source

Where in the document: Regulatory Liaison overview

  • iosco
  • membership standing
  • international cooperation
1 061 FSP licences were suspended in a single yearThe FSCA suspended 1 061 FSP licences in 2023/24, withdrew 75 and issued 104 public warnings, so licence status is worth rechecking on the day you fund an account. When reading the enforcement actions page, note that an order is suspended once respondents apply to the Financial Services Tribunal for reconsideration.2 facts
UsefulOther useful facts

FSCA suspended 1 061 FSP licences in one year

1,061

Licence status changes often, so a register check is worth repeating on the day you fund an account rather than relying on a screenshot taken months earlier.

The FSCA suspended 1 061 FSP licences in 2023/24, up from 984 in 2022/23, withdrew 75 licences, and issued 104 public warnings against 47 the year before.

The FSCA also took strong action against non-compliant financial services providers, suspending 1 061 FSP licences in 2023/24, an increase from 984 in 2022/23. However, licence withdrawals declined significantly, from 420 in 2022/23 to 75 in 2023/24, reflecting a greater emphasis on remedial enforcement rather than outright revocation.
Quoted in FSCA Regulatory Strategy 2025-2028, p.19Read the source
Additionally, the FSCA issued 104 public warnings, more than double the 47 warnings issued in 2022/23, reinforcing its focus on curbing fraudulent financial activities.
Quoted in FSCA Regulatory Strategy 2025-2028, p.19Read the source

Where in the document: Regulatory Strategy 2025-2028, FSCA Regulatory Actions Report box, page 19

  • public register
  • enforcement
  • licence status
UsefulOther useful facts

Enforcement orders can be suspended pending Tribunal review

An entry on the enforcement page does not always mean the sanction is in force today, so read the note attached to each action before drawing a conclusion about a firm.

The FSCA enforcement actions page records that where respondents apply to the Financial Services Tribunal, the order granted by the Authority is suspended pending the Tribunal's decision. The Tribunal is an independent body established under section 219 of the FSR Act and its decisions may be reviewed by the High Court.

Upon application by the Respondents to the Financial Service Tribunal, the order granted by the Authority is accordingly suspended pending the decision of the Financial Services Tribunal.
Quoted in Enforcement ActionsRead the source
The FST is an independent body established under the FSR Act to hear and decide reconsideration applications brought by persons aggrieved by decisions taken by financial sector regulators.
Quoted in FSCA Regulatory Strategy 2025-2028, p.46Read the source

Where in the document: Enforcement Actions page notes

  • enforcement
  • financial services tribunal
  • reconsideration

18 documents examined

Show 12 more documents
Read by Wikilix from FSCA's published documents; every fact links to the page or file it came from.Last reviewed
Licensed brokers

Brokers licensed by FSCA

115 brokers on the Wikilix record hold a licence from FSCA; the 10 highest-scored are below, and the finder searches them all.

115 brokers

  1. Rank 1

    HoxtonWealth

    Regulated    United Kingdom · since 2023    Wikilix score 83.5
  2. Rank 2

    Velocity Trade

    Regulated    Australia · since 2007    Wikilix score 81.3
  3. Rank 3

    CBCX

    Regulated    United Kingdom · since 2011    Wikilix score 80.9
  4. Rank 4

    Investec

    No Regulation    South Africa · since 1969    Wikilix score 79.0
  5. Rank 5

    Avior

    Regulated    South Africa · since 2022    Wikilix score 76.9
  6. Rank 6

    IG

    Regulated    United Kingdom · since 1974    Wikilix score 70.2
  7. Rank 7

    Duo Markets

    Regulated    South Africa · since 2021    Wikilix score 67.3
  8. Rank 8

    FXGlobe

    Suspicious Clone    Vanuatu · since 2015    Wikilix score 67.0
  9. Rank 9

    EC markets

    Regulated    United Kingdom · since 2014    Wikilix score 67.0
  10. Rank 10

    RexHub

    Suspicious Clone    Cyprus · since 2022    Wikilix score 66.9

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