FSCA License Verification Process Guide

1. What is the FSCA?

The FSCA (Financial Sector Conduct Authority) was officially established in 2018, replacing the original FSB (Financial Services Board) . It is the only institution in South Africa specifically responsible for "market conduct supervision".

Under South Africa’s Twin Peaks Model:

• The South African Reserve Bank (SARB) is responsible for prudential regulation , namely the capital adequacy and solvency of financial institutions;

• The FSCA is responsible for market conduct regulation (Conduct Regulation), namely fair trading, investor protection and compliance operations.

📌 FSCA’s core functions

1. Issuing and supervising Financial Services Provider (FSP) licenses

• Including foreign exchange/CFD brokers, insurance companies, financial advisors, fund managers, etc.

2. Market supervision and investor protection

• Combating false advertising and high-risk platforms;

• Issue warning notices (Warnings & Alerts) .

3. Financial education and risk warnings

• Investor education materials are regularly published to alert the public to scams.

4. Cross-border regulatory cooperation

• The FSCA is a member of IOSCO (International Organization of Securities Commissions) and cooperates with FCA, ASIC, CySEC and other institutions.

2. Why do you need to check the FSCA license?

1. Confirm whether the company is a licensed FSP : Legitimate companies must appear on the FSCA's FSP register .

2. How to identify a black platform : Many foreign brokers falsely claim to be "regulated in South Africa", but no such license is found.

3. Verify business scope : Different types of FSP licenses determine whether a company can provide foreign exchange, CFD or investment advisory services.

4. Identify risks in a timely manner : The FSCA will name companies whose licenses have been revoked. For example, JP Markets had its FSP license revoked in 2020, which became a warning case for the industry.

📌 Official website:

• 🔗 FSCA Financial Service Provider Register

• 🔗 FSCA Warnings & Media Releases

3. Quick Verification Process (Step-by-Step)

Step 1: Access the FSCA registration form

👉 FSP Register

• You can enter the company name/FSP number to search;

• Note: Many companies will indicate "FSP No. XXXX" in their promotions. Be sure to compare it with the database.

Step 2: Confirm the authorization status

• FSP Number (license plate number) : unique identifier;

• Status : must show Authorised ;

• Categories of Licence :

• Category I: Financial Advisor/Intermediary

• Category II: Portfolio Management

• Category IIA: CFDs/Derivatives

• Category III: Investment Management Services

• Category IV: Collective Investment Schemes (Funds)

Step 3: Verify company information

• Whether the company's full name is consistent with the official website;

• Whether the registered address and contact information match;

• Whether the scope of authorization is consistent with the business it provides (e.g. whether it has CFD/Forex category authorization).

Step 4: Check FSCA advisories/warnings

👉 Warnings & Media Releases

• Search by company name or FSP number;

• If it appears in a warning or "Suspended/Withdrawn" notice, it means there is a violation or the license has been revoked.

Step 5 (Optional): Cross-Verify International Licenses

Many international companies set up subsidiaries in South Africa (such as Exness ZA (Pty) Ltd ), and their licenses in places like the FCA and CySEC can be compared to confirm global compliance.

4. Practical Cases

✅ Compliant example: Blackstone Futures (GT247.com)

• Company Name : Blackstone Futures (Pty) Ltd

• FSP No .: 46384

• Status : Authorised

• Category : Category I & IIA → CFD / Forex trading available

• Official website : GT247 official website

• Result : Exact match → Compliant✅

❌ Risk Example: JP Markets (Licensing Revoked)

• Company Name : JP Markets (Pty) Ltd

• FSP No .: 46855

• Status : Withdrawn (revokated)

• Incident : In 2020, the FSCA revoked its license for "serious damage to client interests".

• Result : Licensed but revoked → High risk ❌

5. Common Misconceptions

1. Only look at the FSP number claimed on the official website → must be cross-checked with the FSCA official registry.

2. Mistaking company registration = regulation → South African Company Registration (CIPC) ≠ financial license.

3. Ignore the announcement → Many companies have been deregistered/revoked, but still use the "former license" as a publicity gimmick.

4. Confusion between group and subsidiary → Group companies may be regulated overseas, but the South African entity may not hold an FSCA license.

6. Investor Recommendations

• Always check the FSP Register + FSCA warning notices before investing;

• Three elements: company name + FSP number + status;

• Anything other than "Authorised" is considered high risk;

• Companies that appear in the announcement should be avoided immediately;

• For international companies, cross-verification should be combined with other regulatory licenses such as FCA/CySEC.

VII. Conclusion

The FSCA is the core regulator of South Africa’s capital markets, and its license verification is crucial for distinguishing between legitimate and illegal platforms.

• Compliant companies (such as GT247.com) are clearly visible on the FSCA register;

• Even if a non-compliant company (such as JP Markets) has previously been licensed, its license may be revoked due to violations.

Investors must strictly follow the Step 1 – Step 5 verification process to effectively avoid the risk of black platforms.