In its 2024/25 financial year the FSCA issued 107 public warnings, debarred 131 individuals and imposed 51 administrative penalties totalling R119 829 523 — most aimed at unlicensed entities offering investment or trading opportunities, frequently forex. South Africa publishes no single downloadable broker blacklist, so we report the FSCA's own enforcement statistics. An FSCA warning means a firm is not authorised to render financial services — not a ruling of fraud.
All figures from the FSCA Regulatory Actions Report (©FSCA, 30 June 2025), covering 1 April 2024 – 31 March 2025. Source (PDF).
FSCA public warnings, by year
The number of public warnings the FSCA published has more than doubled in two years (Table 7 of the report). A public warning is the FSCA stating a person or entity is not authorised to render financial services.
Around 20% of 2024/25 warnings involved impersonation of licensed firms (report para 12.2) — a growing tactic that lends fake legitimacy to unauthorised schemes.
The full enforcement picture (2024/25)
Public warnings are only one tool. The FSCA also debars individuals, withdraws and suspends licences, and imposes penalties. Every figure below is verbatim from the report's Part I summary.
| Enforcement action | 2024/25 | Note |
|---|---|---|
| Public warnings issued | 107 | Mostly unlicensed entities offering investment / trading opportunities. |
| Individuals debarred | 131 | Most for dishonest conduct (down from 156 the prior year). |
| Administrative penalties | 51 | Totalling R119 829 523 across all financial-sector laws. |
| Licences withdrawn | 382 | Over 90% for non-submission of statutory returns. |
| Licences suspended | 24 | Suspensions of authorisation during the year. |
| Investigations finalised | 633 | From 767 new cases; 494 open at year end. |
FAIS-Act investigations finalised, by year
The FAIS Act is the law that licenses forex/CFD intermediation, so FAIS investigations are the most forex-relevant cut. Finalised FAIS investigations rose from 193 to 347 in two years (Table 3 of the report).
Administrative penalties, by law (2024/25)
FAIS-Act contraventions — the forex/CFD-relevant law — accounted for the single largest slice of penalties by value: R82.4m across 9 cases (Table 4 of the report).
| Financial-sector law | Cases | Persons/funds | Penalties (R) |
|---|---|---|---|
| FAIS Act | 9 | 12 | R82 443 540 |
| FIC Act | 9 | 9 | R16 985 000 |
| Insurance Act | 3 | 3 | R17 021 983 |
| Pension Funds Act | 23 | 23 | R2 591 000 |
| Conduct Standard 3/2020 (Banks) | 1 | 1 | R700 000 |
| CISCA | 3 | 3 | R88 000 |
| Total (all laws) | 51 | R119 829 523 |
Total row reflects all financial-sector laws combined (51 penalties); the rows above show the six largest categories. Two minor late-return categories are folded into the total.
What an unauthorised-forex outcome looks like
The report's one fully-detailed forex case study, reproduced from the FSCA's own findings (Box 5). We name this individual only because the FSCA named him in a finalised, published enforcement outcome — and we report the FSCA's findings, not a label of our own.
Mr Kabelo Mogale & Forex Private Jet Injectors
The FSCA found that, between April 2018 and June 2023, Mr Mogale solicited investments through a Telegram group of over 1 400 subscribers, offering forex account-management services and forex trading signals. He received over R800 000 from more than 300 clients and did not invest the funds in any financial products. The FSCA found he rendered unauthorised financial-services business in contravention of section 7(1) of the FAIS Act.
For context: crypto (CASP) authorisation
Crypto trading is often bundled with forex marketing in South Africa, so the FSCA's crypto licensing snapshot (as at 12 May 2025, para 24.2–24.3) is relevant context. It shows what a purpose-built authorisation regime looks like — and how many applicants do not make the cut.
Verify a forex broker on the FSCA register
Because South Africa has no single blacklist, the reliable move is the opposite: confirm a firm is on the FSCA's authorised register before depositing. For leveraged forex/CFDs, the firm should also hold an Over-the-Counter Derivative Provider (ODP) authorisation.
- FSP register (FAIS): www2.fsca.co.za/Fais/Search_FSP.htm — confirm the FSP number the firm advertises matches the name on the register.
- ODP register: FSCA ODP search — leveraged forex/CFD brokers should appear here.
- FSCA toll-free: 0800 110 443 — verify a provider's status by phone.
Download the full dataset
Every figure on this page — metric, value, period and FSCA source reference — as a semicolon-delimited CSV. Free to reuse with attribution (CC BY 4.0).
fsca-forex-enforcement-2026.csvMethodology
What we counted. The unit of analysis is an official, published FSCA enforcement statistic. Every figure on this page is reproduced verbatim from a single source — the FSCA Regulatory Actions Report (©FSCA, 30 June 2025), which covers the FSCA's 1 April 2024 – 31 March 2025 financial year — with no estimation, extrapolation or rounding beyond what the FSCA itself published. Source (PDF).
Where each figure lives in the report:
- Public warnings by year (47 / 104 / 107) — Table 7.
- Debarments (131), penalties (51 / R119 829 523), licences withdrawn (382) and suspended (24), investigations finalised (633) — Part I summary.
- FAIS-Act investigations by year (193 / 265 / 347) and ODP investigations — Table 3.
- Penalties by law — Table 4.
- Forex case study (Mogale / Forex Private Jet Injectors) — Box 5.
- Crypto / CASP figures (453 / 264 / 109 / 11 / 36) — paras 24.2–24.3.
The honest exclusion — why there is no list of named firms. South Africa, unlike France (whose AMF publishes a machine-readable forex blacklist as open data), does not publish a single, openly-downloadable register of unauthorised forex brokers. FSCA warnings are issued as individual press releases and social-media alerts, and at the time of writing the FSCA's press-release documents on www.fsca.co.za were not reliably fetchable for entry-by-entry extraction. Rather than scrape a secondary news aggregator and present it as official data, we excluded a named-entity list entirely and report only the FSCA's own published statistics plus the one individual the FSCA itself named in a finalised case study. If and when the FSCA publishes a structured warning-list export, a future revision can add it.
Reproduce it. Download the CSV above; each row carries its metric, period and a reference to the exact part of the FSCA report. Re-pulling on a later date — or reading a later FSCA Regulatory Actions Report — will give different figures because enforcement activity changes each year.
This data study sits alongside RandBroker's own review discipline — see how we review forex brokers, including how we verify each broker's FSCA licence and why some brokers carry no rating until we've confirmed it.
How to read this data — and what it does not say
- An FSCA public warning means "not authorised to render financial services" — not "proven fraud." The FSCA lists a person or entity because it appears to lack the FAIS authorisation the law requires. That is a regulatory-status statement, not a court finding of fraud or theft, unless a separate finding says so.
- We report the FSCA's own wording and link the source. We do not add a "scam" or "fraud" label of our own to any person or entity on this page. The single named individual is reproduced from a finalised FSCA enforcement outcome, with the FSCA's own findings.
- These are annual statistics, not a live list. The figures cover the FSCA's 2024/25 financial year. They are not a real-time roster — always check the live FSCA register before relying on any single firm's status.
- Authorised somewhere is not authorised everywhere. A firm can hold a licence offshore yet not hold the FSCA / ODP authorisation required to solicit South African retail clients. Verify the South African authorisation specifically.
Frequently asked questions
What does an FSCA public warning actually mean?
It means the FSCA has stated that a named person or entity appears to be conducting financial-services business without the authorisation the FAIS Act requires — i.e. they are not authorised to render financial services to the public. It is a regulatory-status finding, not by itself a court ruling of fraud or theft. The FSCA's own wording is 'unauthorised or unlawful activities'. Always check the live FSCA register before dealing with any provider.
How many public warnings did the FSCA issue, and is the trend rising?
The FSCA issued 107 public warnings in its 2024/25 financial year (1 April 2024 – 31 March 2025), up from 104 in 2023/24 and 47 in 2022/23 — more than doubling in two years. The figures are published in Table 7 of the FSCA Regulatory Actions Report. Most warnings concerned unlicensed entities offering investment or trading opportunities, often promoted on social media.
Does the FSCA publish a single downloadable list of unauthorised forex brokers?
No — and we did not pretend otherwise. Unlike France's AMF, the FSCA does not publish an openly machine-readable blacklist of unauthorised forex firms. Its warnings are issued as individual press releases and social-media alerts. So this study reports the FSCA's own published enforcement statistics rather than scraping a list that does not exist. To check a specific firm, use the official FSCA FSP register search instead.
How do I verify that a forex broker is FSCA-authorised?
Search the firm on the FSCA's authorised-FSP register (the FAIS Search at www2.fsca.co.za/Fais/Search_FSP.htm), confirm the FSP number it advertises matches the name on the register, and check the category it is authorised for. For leveraged forex/CFDs specifically, the firm should hold an Over-the-Counter Derivative Provider (ODP) authorisation, searchable on the FSCA's ODP register. You can also call the FSCA toll-free on 0800 110 443.
What happens to someone who runs unauthorised forex services in South Africa?
The FSCA's published case study of Mr Kabelo Mogale and Forex Private Jet Injectors shows the range of outcomes: after finding he had solicited over R800 000 from more than 300 clients for forex account management and signals without FAIS authorisation, the FSCA debarred him for 10 years and imposed an administrative penalty of R1 015 315. Across 2024/25 the FSCA imposed 51 penalties totalling R119.8 million.