The Financial Sector Conduct Authority (FSCA) has made final the provisional withdrawal of the financial services provider (FSP) licence of Afrimarkets Capital (Pty) Ltd (FSP 52813) following an investigation into the firm’s conduct. The licence was provisionally withdrawn on 4 July 2025 based on preliminary investigation findings, after which Afrimarkets was given an opportunity to make representations. The FSCA concluded that Afrimarkets materially contravened various financial sector laws and no longer meets fit and proper requirements, citing findings that the firm misappropriated client funds, provided advice while not authorised to do so, gave false and/or misleading information to clients and to the FSCA, promised unrealistic returns, and failed to act in clients’ best interests. The FSCA indicated it will update the public in due course on any further decisions in the matter.
South Africa Financial Sector Conduct Authority 2025-12-09
South Africa Financial Sector Conduct Authority finalises withdrawal of Afrimarkets Capital’s financial services provider licence
The South Africa Financial Sector Conduct Authority has finalized the withdrawal of Afrimarkets Capital (Pty) Ltd's financial services provider licence following an investigation. Afrimarkets was found to have misappropriated client funds, provided unauthorized advice, misled clients and the FSCA, promised unrealistic returns, and failed to act in clients' best interests. The FSCA will provide further updates on the matter as necessary.