Financial Sector Conduct Authority
(FSCA)Regulatory Snapshot
The Financial Sector Conduct Authority is South Africa's dedicated market conduct regulator for financial institutions. Established in 2018 as a successor to the Financial Services Board (FSB), the FSCA is tasked with protecting financial customers by ensuring fair treatment, honest practices, and responsible behaviour by financial services providers.
About the FSCA
The Financial Sector Conduct Authority (FSCA) was established on 1 April 2018 under the Financial Sector Regulation Act, replacing the Financial Services Board (FSB) as South Africa's primary market conduct regulator. The FSCA's mandate focuses on protecting financial customers through the supervision and enforcement of market conduct standards across the financial services industry.
Regulatory Framework
All forex and CFD brokers operating in South Africa must be licensed as Financial Services Providers (FSPs) under the Financial Advisory and Intermediary Services (FAIS) Act. The FSCA conducts regular on-site compliance visits and requires firms to demonstrate ongoing fitness and propriety. While the FSCA is less restrictive than some European regulators regarding leverage limits, it is well regarded for its governance standards and proactive enforcement approach.
Investor Protection
The Treating Customers Fairly (TCF) framework underpins the FSCA's approach to investor protection, requiring firms to demonstrate that customers receive appropriate products, clear information, and fair treatment throughout the relationship. The FAIS Ombud provides an independent and free dispute resolution service for consumers with complaints against financial services providers.
- Financial Advisory and Intermediary Services (FAIS) Ombud for dispute resolution
- Fit and proper requirements for financial services providers
- Regular on-site compliance visits and inspections
- Treating Customers Fairly (TCF) outcomes framework
| Instrument | Retail | Professional |
|---|---|---|
| Major Forex | 1:200 | 1:500 |
| Minor Forex | 1:100 | 1:300 |
| Gold | 1:100 | 1:300 |
| Indices | 1:100 | 1:300 |
| Shares CFDs | 1:10 | 1:50 |
FSCA is the market conduct regulator. Leverage limits are more relaxed than European standards.
Body: FAIS Ombud
Visit Dispute ResolutionRelated Regulators
CMA
ATier 2Capital Markets Authority
The Capital Markets Authority of Kenya is a statutory agency responsible for supervising, licensing, and monitoring the activities of market intermediaries and all other persons licensed under the Capital Markets Act. Established in 1989, the CMA has been instrumental in developing Kenya's capital markets infrastructure.
FSC Mauritius
BTier 3Financial Services Commission Mauritius
The Financial Services Commission of Mauritius is the integrated regulator for non-banking financial services and global business sectors in Mauritius. Established in 2001, the FSC licenses, regulates, and supervises the conduct of business activities in these sectors, contributing to Mauritius's position as a financial services hub for the Africa and India regions.
Seychelles FSA
COffshoreSeychelles Financial Services Authority
The Seychelles Financial Services Authority is the financial regulatory authority of the Republic of Seychelles, established in 2013. The FSA regulates non-banking financial services including securities, insurance, and fiduciary services. Its relatively accessible licensing process and lower capital requirements have made Seychelles a popular jurisdiction for offshore forex brokers.
MISA
COffshoreMwali International Services Authority
The Mwali International Services Authority is the regulatory body for international financial services on the island of Mohéli (Mwali) in the Comoros archipelago. MISA provides licensing for international business companies, including some financial service providers. The level of regulatory oversight is minimal, and this jurisdiction is generally considered one of the least regulated options available.
BoG
BTier 3Bank of Ghana
The Bank of Ghana is the central bank and primary financial regulator of the Republic of Ghana. Established in 1957, the BoG is responsible for monetary policy, banking supervision, and the regulation of foreign exchange activities. It oversees all banks, specialised deposit-taking institutions, and forex bureaux operating within the country.
AOFA
COffshoreAnjouan Offshore Finance Authority
The Anjouan Offshore Finance Authority is the licensing body for international financial services on the island of Anjouan (Nzwani) in the Union of Comoros. AOFA provides offshore licences for forex brokers, international business companies, and other financial service providers. The jurisdiction is known for its very low barriers to entry and minimal ongoing regulatory requirements.