The Financial Sector Conduct Authority has provisionally withdrawn the licences of five financial services providers in separate regulatory interventions arising from alleged contraventions, governance deficiencies, and the risk of harm to clients.
The latest action, announced on 1 October 2026, affects FXNovus (Pty) Ltd. The FSCA said preliminary findings indicate that the FSP and its key individual lack effective management and oversight over its financial services activities, which are controlled by people based in Cyprus.
The regulator announced a similar provisional withdrawal involving The Grand Trading (Pty) Ltd on the same day.
The other provisional withdrawals affect Kift Wealth (Pty) Ltd, Eklavya Asset Managers (Pty) Ltd, and Astrix Data (Pty) Ltd, which is now known as IGM Financial Services (Pty) Ltd.
All five providers are prohibited from conducting further financial services business or receiving additional funds from clients while the FSCA’s processes continue.
However, the cases are not at the same stage and do not involve the same alleged conduct.
The provisional withdrawals involving FXNovus and The Grand Trading are based on preliminary findings from investigations that remain under way. The FSCA’s completed investigations involving the other three firms found prima facie evidence of contraventions, and the regulator is considering further enforcement action.
Three investigations point to alleged client-fund misconduct
The FSCA reported broadly similar findings in its investigations involving Kift Wealth, Eklavya Asset Managers, and Astrix Data.
These included the alleged unauthorised use, misappropriation, and commingling of client funds; financial services being provided outside the scope of the relevant licences; failures to safeguard client assets; and false or misleading representations to clients.
The Authority said it found prima facie evidence of unlawful discretionary trading and conduct inconsistent with the honesty, integrity, and fiduciary standards expected of authorised FSPs.
A finding of prima facie evidence indicates that there is evidence which, on its face, supports a possible contravention. It is not a final determination of liability.
Kift Wealth
The FSCA’s investigation into Kift Wealth (FSP 49396) and Martin James Kift followed a report submitted by Kift and the company in which, according to the Authority, they admitted to certain breaches of financial sector laws.
The regulator said its investigation uncovered material misconduct involving the unauthorised use of client funds, financial services rendered outside the scope of Kift Wealth’s licence, failures to safeguard client assets, and false or misleading investment information provided to clients.
It said the prima facie evidence included the alleged misappropriation and commingling of client funds, unlawful discretionary trading, and failures to comply with regulatory requirements.
The FSCA provisionally withdrew the licence because of the nature of the alleged misconduct and the potential risk of further prejudice to clients and the investing public.
Eklavya Asset Managers and Solis Markets
The investigation into Eklavya Asset Managers (FSP 45583), Solis Markets, and the relevant key persons was initiated after the FSCA received information alleging that the parties had failed to process clients’ requests to withdraw their funds.
The Authority said its investigation uncovered the alleged unauthorised use of client funds, services rendered beyond the scope of Eklavya’s licence, failures to safeguard client assets, and false or misleading information about the substantial returns clients could purportedly earn.
The FSCA announced in October 2024 that it was investigating Solis Markets and Eklavya following complaints from clients who alleged that their investments had been intercepted and that they had not received their money after submitting withdrawal requests.
At the time, the regulator emphasised that it had not made any findings and that the announcement should not be interpreted as suggesting that either party had contravened financial sector legislation.
The regulator has now said its completed investigation found prima facie evidence of multiple material contraventions. It provisionally withdrew Eklavya’s licence because of the conduct identified and the potential risk of further prejudice to clients and the investing public.
Astrix Data, IGM Financial Services, Vector, and Finbok
The third completed investigation concerned Astrix Data, now known as IGM Financial Services, as well as Vector Financial Services (Pty) Ltd, Finbok, and the relevant key persons.
According to the FSCA, the investigation was initiated after it received information alleging that the parties were operating a fraudulent forex or crypto-asset trading platform designed to attract members of the public by promising unrealistic returns.
The regulator said its investigation uncovered the unauthorised use of client funds, services rendered outside the scope of Astrix Data’s licence, failures to safeguard client assets, and false or misleading information about the returns clients could purportedly earn.
It said there was prima facie evidence of unlawful discretionary trading, the misappropriation and commingling of client funds, and other failures to comply with regulatory requirements.
The FSCA initially announced its investigation into Finbok, Vector, and Astrix Data in June 2024 after receiving complaints from members of the public concerning refunds and withdrawal requests.
It stated at the time that Finbok was an online platform operated by Vector, which was a juristic representative of Astrix Data. Astrix Data was identified as an authorised FSP with licence number 52313.
Astrix Data subsequently changed its name to Itrade Group (Pty) Ltd on 5 February 2026 and then to IGM Financial Services on 4 March 2026.
The FSCA said in July that it did not approve company name changes and that the changes had no bearing on its continuing investigation.
The current FSCA announcement identifies Astrix Data’s FSP number as 45583. However, that number belongs to Eklavya Asset Managers, according to both the Eklavya announcement and the FSCA’s earlier publications. The Authority’s June 2024 announcement identified Astrix Data as FSP 52313, and the Authority’s website identifies FSP 52313 as belonging to IGM Financial Services.
The provisional withdrawal prevents IGM Financial Services from conducting further financial services business or receiving additional funds from clients. The FSCA said further enforcement action remained under consideration.
Preliminary findings raise questions about operational control
The provisional withdrawals involving The Grand Trading and FXNovus are based on preliminary findings concerning whether the companies and their key individuals exercise effective management and oversight over their financial services activities.
Both investigations remain under way. The providers have been given an opportunity to explain why the provisional withdrawals should be lifted or should not be made final.
The FSCA will consider the final investigative findings and any submissions from the providers before deciding how to proceed.
The Grand Trading
The FSCA provisionally withdrew the licence of The Grand Trading (FSP 53871) after preliminary findings indicated that neither the company nor its key individual exercised effective management and oversight over its financial services activities.
The regulator said there was a real risk of harm to clients or the public if The Grand Trading continued operating as an FSP.
According to the FSCA, The Grand Trading’s financial services business is operationally directed, monitored, and controlled by people outside its management structure, some of whom are based in Cyprus.
The official roles, authority, and relationships of these people with The Grand Trading had not been adequately established, the regulator said.
The FSCA said these circumstances raised questions about the adequacy of the FSP’s governance and operational arrangements, as well as the key individual’s ability to exercise effective and demonstrable management and oversight over its regulated activities.
The provisional withdrawal means The Grand Trading may not conduct further financial services business or receive additional funds from clients.
FXNovus
The FSCA provisionally withdrew the licence of FXNovus (FSP 50963) on the basis of preliminary findings from an investigation that remains under way.
The regulator said there was a real risk of harm to clients or the public if the company continued operating as an FSP.
According to the FSCA, the available evidence indicates that FXNovus and its key individual lack effective management and oversight over the company’s financial services activities.
The regulator said the financial services business is operationally directed, monitored, and controlled by people based in Cyprus whose official roles, authority, and relationship with FXNovus have not been adequately established.
It added that financial services are being rendered by foreign persons who operate outside the effective supervision and control of the key individual.
The FSCA said these circumstances called into question the adequacy of FXNovus’s governance and operational arrangements and the key individual’s ability to exercise effective and demonstrable management and oversight over the company’s regulated activities.
The provisional withdrawal prevents FXNovus from conducting further financial services business or receiving additional funds from clients.
Investigations remain open
The FSCA emphasised that its actions against The Grand Trading and FXNovus are provisional and based on preliminary findings.
The investigations may be expanded to cover additional matters arising from information obtained by the regulator. The FSCA said the sensitivity of the matters and the need to preserve the integrity of the investigative process limited the information it could disclose at this stage.
It will update the public on the investigations and its decisions once the processes have been finalised.
This article was updated at 3.45pm on 1 October 2026 to include the regulatory action concerning FXNovus.
