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Forex brokers, CFD Brokers, or any financial institutions such as insurance companies alike, have to have a valid FSP number. Companies need to be authorised by the Financial Sector Conduct Authority (FSCA) in South Africa. Clients should always be eligible to do a simple FSCA FSP Search to validate the company they are or think of dealing with.
Although it is not as clear cut and obvious o the FSCA website we have made it simple and easy to do so. There are multiple ways you can conduct this FSP search which we will demonstrate in this article.
In this example, we will use Blackstone Futures. Below is their regulatory details that can be found on their website.
“Blackstone Futures (Pty) Limited (Registration Number 2009/008512/07) is a duly appointed juristic representative of Trade Nation Financial (Pty) Limited, (Registration Number 2018/418755/07) which is an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act No 37 of 2002 – FSP#49846.
As such BlackStone Futures (Pty) Limited renders financial services to clients on behalf of Trade Nation Financial (Pty) Limited.”
In simple terms, the FSCA is the market conduct regulator of financial institutions. They provide financial services and products, financial institutions that are in terms of the financial sector law, are licensed. All these instructions need to abide by their laws, legislation and regulatory rules.
This includes insurers, banks, RA (retirement funds) funds and administrators, and market infrastructures. You Can conduct an FSP search using the following available options
They are responsible for market conduct regulation and supervision throughout the financial industry and sector. They also enforce financial stability.
To look after clients in the industry and make sure they are treated fairly.
To ensure and enforce a fair and stable financial market environment.
As you can see we used their FSP#, 49846.
As we did this search using the FSP number, we found one matching result.
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At the very right, you will see a “details” button. This will expand and provide you with much more useful information. The most important data to take away from your search is the “Date Authorised”. In Blackstone Futures’ example, it is 05/02/2019.
We have made it super easy to do so! Simply visit FSCA FSP Search and do your search. We hope this helps you validate all future business you do with brokers or financial institutions. Remember, If they are not on there, and their status is not authorised, they are not allowed to conduct business!
Report any and all fraudulent activity to the FSCA on their helpline – 0800 20 37 22. Let’s stop fraud together.