Briefing

FSCA provisionally withdraws the FXNovus financial services licence

Written by WiT Markets EditorialReview Editorially reviewedLast reviewed

Brokers and regulationDate only. No clock time was recorded.WiT Markets Editorial2 min read

On 7 October 2026 the Financial Sector Conduct Authority said it had provisionally withdrawn the licence of FXNovus (Pty) Ltd, FSP 50963. The authority says the step is based on preliminary investigation findings, and that the investigation is still going. A provisional withdrawal is not a final finding.

A licence card with a pause mark, for a withdrawal that is still provisional
Editorial illustration. It is not a photograph of an event, and it does not show a price.

Key facts

  • The FSCA press release is dated 7 October 2026.
  • The licence provisionally withdrawn is FXNovus (Pty) Ltd, FSP 50963.
  • The firm must not conduct further financial services business or receive additional client funds while the withdrawal stands.

The press release says the FSCA is concerned there is a real risk of harm to clients or the public if FXNovus continues as a financial services provider. It says both the firm and its key individual lack effective management and oversight of the financial services. It says the business is operationally directed, monitored and controlled by persons based in Cyprus, whose official roles, authority and relationship with FXNovus have not been adequately established, and that financial services are being rendered by foreign persons outside the effective supervision of the key individual. Those sentences are the FSCA’s preliminary concerns. They are not a completed court judgment.

Because of the provisional withdrawal, the FSCA says FXNovus shall not conduct any further financial services business or receive any additional funds from clients. The firm has been given an opportunity to say why the withdrawal should be lifted or should not be made final. The FSCA says it will consider the findings and any submissions once the investigation is finalised, and that the investigation may cover further matters. It also says it is limited in what it can disclose while the investigation continues.

The release names FXNovus (Pty) Ltd and the licence number FSP 50963. It does not name other brokers, and this page does not extend the provisional withdrawal to any other firm, brand or group company. It does not state a client refund figure, a fine, or a date for the final decision. Readers who want to check an authorisation are pointed by the FSCA, in its other public material, to the FSCA’s own register. This briefing is not that register.

Why it matters for investors and traders

Clients of this named firm are told, by the regulator, to expect no further financial services and no further receipt of client funds while the provisional withdrawal stands. The same notice says the investigation is not finished and the firm can still make submissions.

Markets discussed: Brokers. These are the subjects of the briefing, not a list of markets that moved.

Uncertainties

  • The FSCA has not published a final decision, a fine, or a refund figure in this release.
  • The key individual is not named in the 7 October 2026 release used here.
  • The release does not describe the products the firm offered. This page does not add a product label from another document.

What to watch next

  • Treat the withdrawal as provisional until the FSCA publishes a final decision.
  • Do not apply this notice to any firm other than FXNovus (Pty) Ltd, FSP 50963.
  • A later FSCA update would be a separate document, with its own date.

How to read this development

Supervisory actionSouth AfricaFinancial Sector Conduct Authority

The official document is dated 7 October 2026. This briefing was published on 22 October 2026. A later status would be added as a new entry. The original status stays in the record.

Who is affected

FXNovus (Pty) Ltd, FSP 50963, as named by the FSCA. The release does not name any other firm.

What changes

While the provisional withdrawal stands, the FSCA says the firm shall not conduct further financial services business or receive additional client funds.

When it applies

The press release is dated 7 October 2026. No end date for the provisional withdrawal is stated.

Status history

  • 7 October 2026. Supervisory action. Provisional licence withdrawal. The FSCA says the investigation is ongoing and the step is not final.

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Written by: WiT Markets Editorial. Writes and structures WiT Markets pages. Separates a sourced fact from a cell that is Not confirmed.

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Last reviewed: . Next review due . The date is an editorial pass. It is not a live check of every third-party fee.

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FSCA provisionally withdraws the FXNovus financial services licence | WiT Markets