The Financial Sector Conduct Authority has provisionally withdrawn the financial services provider licence of Imermarket (Pty) Ltd, saying preliminary investigation findings indicate there is a real risk of harm to clients or the public if the company continues operating.
In a statement on 2 July 2026, the Authority said the decision follows preliminary findings from an investigation it announced in November 2025.
Although the licence has been provisionally withdrawn with immediate effect, the investigation remains ongoing and no final decision has yet been made. Imermarket has been afforded an opportunity to provide reasons why the provisional withdrawal should be lifted or not made final.
When announcing the investigation last November, the FSCA said it was investigating Imermarket, which trades as Inversacapital, together with the company’s director and sole key individual, Bongani Goodenough Mngadi, and its director and sole shareholder, Marios Kyriakou.
The regulator said the company appeared to operate a trading platform offering contracts for difference (CFDs). It also noted that while Imermarket was an authorised FSP, it was not authorised as an over-the-counter derivative provider. At the time, the FSCA emphasised that it had not made any findings.
Preliminary findings
According to the FSCA, its preliminary investigation has raised concerns about several aspects of Imermarket’s conduct.
The regulator said it is concerned about the apparent use of aggressive, manipulative and high-pressure sales techniques by the company’s agents when engaging with clients. It also cited concerns about the provision of financial advice by individuals who are not authorised representatives, clients allegedly being pressed to make deposits despite expressing reservations, the apparent failure to conduct appropriate suitability and needs analyses, inadequate risk disclosures, and an apparent failure to honour or process clients’ withdrawal requests.
These concerns build on the complaints that prompted the investigation. In November 2025, the FSCA said complainants alleged that Imermarket’s representatives had furnished them with trading advice that resulted in financial losses, pressed them to make additional deposits into their trading accounts, and they experienced persistent difficulties accessing or withdrawing their invested funds.
The FSCA said its investigation remains ongoing and may expand to include additional issues arising from information obtained during the investigation.
The provisional withdrawal means Imermarket may no longer conduct any financial services business or receive additional funds from clients while the measure remains in force.
The FSCA said it is unable to disclose further details at this stage because of the sensitivity of the matters under investigation and the need to preserve the integrity of the investigative process.
Once the investigation has been completed, it will consider its findings, together with any submissions made by Imermarket, before deciding whether the withdrawal should be made final.
The Authority said it will update the public once the investigation and its decision-making process have been concluded.
