The Financial Sector Conduct Authority (FSCA) has made a decisive final move against Afrimarkets Capital (Pty) Ltd, permanently withdrawing its financial services provider (FSP) licence. This action concludes a regulatory process initiated in July 2025, stemming from an investigation that uncovered severe misconduct, including the misappropriation of client funds.
The FSCA provisionally withdrew the licence on 4 July 2025 based on preliminary findings. After considering representations from Afrimarkets, the regulator has now finalized its decision. “The FSCA is of the view that Afrimarkets materially contravened various financial sector laws and no longer meets the fit and proper requirements to operate as a financial services provider,” the authority stated.
The investigation painted a damning picture of the firm’s operations. Key findings revealed that “Afrimarkets misappropriated client funds, provided advice to clients whilst it was not authorised to do so, provided false and/or misleading information to clients and to the FSCA, promised clients unrealistic returns, and failed to act in the best interests of its clients.”
This licence withdrawal effectively shuts down Afrimarkets Capital’s authorized operations in the financial services sector. The FSCA noted it “will update members of the public in due course regarding any further decisions in this matter,” leaving open the possibility of additional enforcement actions.
The case underscores the FSCA’s ongoing vigilance in policing the sector, taking firm action against providers who betray client trust and violate core regulatory principles. The permanent revocation serves as a stark warning to the industry about the consequences of such fundamental breaches.
