{
  "id": 13697900,
  "title": "FSCA crackdown: Two firms barred from taking new client funds",
  "url": "https://urgent.news/2026/10/11/fsca-crackdown-two-firms-barred-from-taking-new-client-funds",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-11T11:00:00.000Z",
  "source": {
    "name": "IOL",
    "slug": "iol",
    "url": "https://iol.co.za/business/advice/2026-10-11-fsca-crackdown-two-firms-barred-from-taking-new-client-funds/"
  },
  "original_language": "en",
  "account": "South Africa's financial watchdog, the FSCA, has taken significant action against two trading firms, FXNovus and The Grand Trading, barring them from accepting new client funds due to concerns over their operations being controlled from overseas. The FSCA also issued warnings and is investigating two additional firms, Sanus Financial Services and Geefx, over alleged unauthorised examination certificates.\n\nThe FSCA's scrutiny of trading platforms, investment offers and financial qualifications has led to the withdrawal of their licences and the prohibition of further financial services business. Both FXNovus (FSP 50963) and The Grand Trading (FSP 53871) faced provisional licence withdrawals after the regulator found that their financial services were directed, monitored and controlled by people based in Cyprus, without proper establishment of their roles and authority. The FSCA has given the companies an opportunity to make representations before the withdrawal becomes final.\n\nThe FSCA's investigation into Sanus Financial Services, which provides intermediary services involving derivative instruments and short-term deposits, follows a surge in complaints from clients. The regulator is examining whether financial sector legislation has been contravened, focusing on directors Nicolaas Louw, Bradley Bickham Distras, and sole key individual Annette Smyth.\n\nThe FSCA has also warned consumers about unsolicited investment opportunities, particularly those promoted through social media, urging caution due to warning signs such as unrealistic returns, pressure to make urgent payments, and demands for additional money before investments can be withdrawn. The regulator has also taken action against Sandile Arnold Ngubane and EduMe for unlawfully producing and selling regulatory examination certificates, emphasizing that only the approved examination body, Moonstone Information Refinery, is authorized to administer these examinations.",
  "summary": "South Africa's financial watchdog pulled two trading licences, launched an investigation, issued two warnings and revealed it collected almost nothing of its R2.8 billion in fines.",
  "key_points": [
    "FSCA bars FXNovus and The Grand Trading from new client funds due to overseas control.",
    "FSCA warns consumers about unsolicited investment opportunities via social media."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}