What the FSCA is
The FSCA (Financial Sector Conduct Authority) is South Africa's conduct regulator for financial firms. A firm that gives advice or arranges financial products there must be authorised as a Financial Services Provider (FSP). Every authorised firm gets an FSP number and a public record on the FSCA register.
When a broker calls itself an "FSCA regulated broker", it means a specific legal entity holds an FSP licence. That licence covers that entity only. It does not automatically cover sister companies in the same group. It also does not cover clients who sign up with a different entity.
- Find the company's legal name and licence number on its website.
- Search that number on the regulator's official register.
- Compare the name, website address and contacts with the register entry.
- Check which company would actually serve clients from your country.
- Search the regulators' warning lists for the name and the website.
How to check an FSCA licence
- Get the details from the firm. Find the full legal entity name and FSP number. They are usually in the website footer or the client agreement. If a firm will not give an FSP number, treat that as a warning sign.
- Open the FSCA's official website yourself. Type the address directly instead of using a link from the broker, an ad or a chat message. Fake regulator pages exist. See Clone Sites and Fake Apps.
- Use the FSP search on the regulator's site. Search by FSP number first, then by name. A name search can return several similar firms.
- Compare the record with what the firm told you. Check the entity name, FSP number, licence status, licensed products and contact details.
- Search the FSCA warnings and press releases for the firm's name and its trading names.
What to compare in the record
| Field in the record | What to check |
|---|---|
| Legal name | Matches the entity named in your client agreement exactly |
| FSP number | Matches the number the firm publishes |
| Status | Shows as authorised or active, not lapsed, suspended or withdrawn |
| Licensed products | Covers the products the firm offers. For CFDs and forex, look for derivatives coverage |
| Contact details, website | The domain and phone number match the site you are using |
| Representatives | Whether the firm is itself an FSP or only a representative of another FSP |
If any field does not match, ask the firm in writing, then check again on the regulator's site. Do not rely on the firm's explanation alone.
Common tricks with "FSCA regulated" claims
- Clone firms. A scam site copies the name and FSP number of a real licensed firm. The register lists the real firm's domain and contacts. If yours differ, the site is likely a clone.
- The group has a licence, but your account entity does not. Many brokers run several entities in different countries. Clients outside South Africa are often onboarded through an offshore entity with different rules and protections. Read Offshore vs Onshore.
- Representative, not licence holder. A firm listed only as a representative of another FSP does not hold its own authorisation.
- Old or withdrawn licences. A logo on the website proves nothing. Only the current status on the register counts.
An FSCA licence also does not make leveraged trading safe. CFD and forex trading with leverage can lose money fast, whoever the regulator is.
What an FSCA licence means for a Pakistani resident
A foreign licence does not change how Pakistani regulators see offshore trading:
- Supervision at home: Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers.
- On offshore platforms: per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan.
- On protection: per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse.
- On payments: per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)).
- On residents buying these products: per the SBP, the purchase of offshore forex/margin/CFD products by Pakistani residents violates section 4(1) of FERA 1947.
To check a local broker, start here: per the SECP, lists of licensed brokers are on the PSX and PMEX websites. The SECP also issues warnings: SECP warnings by press release naming platforms (Quotex 09.04.2025; IBKR look-alikes, IGIL Securities, BMA Capital No.108 etc. 22.05.2025; Hillhouse Capital, S-169 Wharton 13.01.2026), none of which names Exness. Being absent from a warning list is not proof that a firm is licensed. More context is in Law and regulators.
Related checks
- Verify a Broker: the general method for any regulator
- FCA Register, CySEC Register, FSC Mauritius Register, FSA Seychelles Register
- What Regulation Protects and Broker Checklist
- Report a Scam if you think a firm is misusing a licence
Frequent questions
What is an FSP number?
It is the authorisation number the FSCA gives a Financial Services Provider. You search the register with it, and it should match the number the firm publishes.
Does "FSCA regulated" mean my account is with the South African entity?
Not necessarily. Check which legal entity is named in your client agreement, then look up that exact entity.
Is an FSCA South Africa broker allowed to serve clients in Pakistan?
An FSCA licence is a South African authorisation. In Pakistan, per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan. Read the SBP and SECP points above before doing anything.
Can I trust a register screenshot sent by the firm?
No. Screenshots and links can be faked. Always open the regulator's official website yourself and search there.
The firm is not on any warning list. Is it safe?
No. A missing warning only means no warning has been issued. A valid licence on the register for the entity you deal with is a separate check.
