TheBrief FSCA LIQUIDATES JP MARKETS, WARNS AGAINST OTHER PROVIDERS

THE FINANCIAL Sector Conduct Authority (FSCA) has issued warnings about two unauthorised financial services providers and is liquidating another.

This company is not an authorised financial services provider (FSP) – its licence was withdrawn in June 2012.

This individual is unlawfully offering forex trading to members of the public using the name of JP Markets, which has now been placed in liquidation (see below).

Having urgently applied to the high court to liquidate forex trading platform JP Markets and freeze its bank accounts, the FSCA reports that the company is now in final liquidation. It says it will work with the liquidators to ensure that clients recover as much of their money as possible – more than R2.58 billion has been preserved. “The FSCA has taken these steps because of the substantial risk to the public in instances where entities and individuals act as issuers of derivative products without having the adequate financial reserves, risk management systems and knowledge, and as an on-going effort to remove FSPs who are prepared to act outside the law,” the regulator says.

DM Mobu Brokers.

Laurentia du Preez.

JP Markets.