While investigating Astrix Data over an international fraud exposé, South Africa's financial regulator quietly allowed the company's licence to be renamed. The public was never told. Three other platforms were not so fortunate.
There is a straightforward piece of advice the Financial Sector Conduct Authority gives to every South African worried about financial fraud. Check the register. The FSCA's public database of authorised financial service providers is, in the regulator's own telling, the first line of defence for any consumer dealing with a trading platform or investment firm. Enter the company name, or the FSP number displayed on the firm's literature, and the register will confirm whether the entity holds a valid licence.
It is a reasonable system, provided the information on the register reflects reality.
Search FSP number 52313 on the FSCA's register today and the result returns one entry: IGM Financial Services (Pty) Ltd. Status: Authorised.
Search for Astrix Data (Pty) Ltd and nothing comes up at all.
