South Africa's FSCA Issued 11 Enforcement Notices in October: Two Forex Licences Pulled and a Wave of Impersonation Scams

South Africa's Financial Sector Conduct Authority (FSCA) published 11 enforcement notices in October 2026, according to its media releases. They included two provisional licence withdrawals for trading firms, three warnings about people impersonating legitimate companies, a warning about fraudsters posing as the FSCA and its Commissioner, and several warnings against unauthorised operators.

For South African traders the pattern matters more than any single name. Scammers increasingly borrow the identity of real, licensed firms, and even of the regulator, because a familiar name lowers people's guard.

The October list, from the FSCA

We report only what the FSCA's notices state. A provisional withdrawal is not a final decision: the firm can respond before the regulator decides. An investigation is not a finding of wrongdoing.

Impersonation is the fastest-growing threat

Three of October's notices were about people using the names of genuine companies, Mattercap Investments, First World Trader and the FSCA itself. In these schemes the real firm has done nothing wrong. Criminals copy its name, registration number or logo, contact people through social media or messaging apps, and ask for deposits into accounts the real firm does not control.

• Contact the firm through the phone number or website listed on the FSCA register, never through a number someone sent you.
• Check that the bank account you are asked to pay into is in the licensed firm's own name.
• Remember that the FSCA does not ask members of the public to pay fees to release investments.
• Be wary of anyone who first contacts you on WhatsApp, Telegram or social media offering forex returns.

Two forex licences provisionally withdrawn

The FSCA provisionally withdrew the financial services provider licences of The Grand Trading (Pty) on 1 October and FXNovus (Pty) on 7 October. If you hold an account with a firm facing a withdrawal, keep records of your balance and correspondence, avoid new deposits while the matter is open, and follow the FSCA's notice on how clients should proceed.

South Africa's forex market is legal and regulated. Brokers serving South Africans need an FSCA licence, usually as an over-the-counter derivatives provider or a financial services provider. Our guide to forex scams in South Africa and our page on checking a broker's licence walk through the checks step by step.

How to check a firm in two minutes

• Search the firm's exact legal name and FSP number on the FSCA's online register of financial services providers.
• Confirm the licence is active and covers the products being offered, such as derivatives.
• Compare the website, email domain and phone number with those on the register.
• Search the FSCA's warnings list for the name and for similar spellings.

How to report a suspected scam

If you think you have been approached by an unauthorised firm or an impersonator, report it to the FSCA through the contact details on its website, and keep copies of messages, account numbers and payment receipts. If you have already paid, contact your bank at once: a quick report gives the bank the best chance of stopping or recalling a transfer. The FSCA publishes new warnings regularly, so checking its list before you deposit takes only a minute and can save far more.

Frequently asked

Sources: FSCA: Latest news and media releases · FSCA: Regulated entities and register search