FSCA Provisionally withdraws licences of three financial services providers

The Financial Sector Conduct Authority (FSCA) has provisionally revoked the licenses of three financial service providers, citing evidence of serious infractions of financial sector regulations. The institutions are Eklavya Asset Managers (Pty) Ltd, Kift Wealth (Pty) Ltd, and Astrix Data (Pty) Ltd, which has been renamed IGM Financial Services (Pty) Ltd. The FSCA announced the licence withdrawals on 30 September 2026, rendering the companies unable to engage in further financial services or accept client funds.

The authority's investigation into the three cases revealed various forms of alleged misconduct, including unauthorized client fund usage, services provided outside the licence's scope, asset safeguarding failures, and misleading client information. The FSCA's probe into Eklavya, Solis Markets, and key individuals commenced after receiving allegations of failed client fund withdrawals.

Prior to this, the FSCA had stated that Solis Markets is not an authorized financial services provider (FSP) nor a juristic representative of any other FSP. The FSCA's investigation also encompassed Mr. Martin James Kift and Kift Wealth after they submitted a report admitting to certain financial sector law breaches. The FSCA's statement does not disclose the specific breaches Kift admitted to.

The investigation into Astrix, IGM, Vector Financial Services (Pty) Ltd, Finbok, and key individuals began after receiving complaints from the public regarding a fraudulent forex or crypto trading platform promising unrealistic returns. As of the current report, Vector's and Finbok's status has not been officially updated. The FSCA announced formal investigations into Astrix Data, Vector Financial Services, and Finbok on 6 June 2024, following public complaints about being unable to recover their funds. The public can reach out to the FSCA via 0800 203 722 or [email protected] for further inquiries.