TL;DR
The Financial Sector Conduct Authority (FSCA) is South Africa's primary financial services regulator. It licences and supervises investment platforms, financial advisors, and other financial service providers. For retail investors, the most important function of the FSCA is the public register — a searchable database of every legitimately licensed provider. Before depositing money on any investment platform, you should verify the platform's registration on the FSCA register.
What the FSCA does
The FSCA was established in 2018 under the Financial Sector Regulation Act, replacing the Financial Services Board (FSB). Its mandate is to protect financial customers and ensure that financial institutions treat customers fairly.
In practice, the FSCA:
Licences financial service providers (FSPs) — including investment platforms, financial advisors, and asset managers Sets conduct standards for how financial products are sold and managed Investigates complaints and takes enforcement action against non-compliant providers Maintains a public register of all licensed providers
The FSCA does not guarantee investment returns. It regulates conduct, not outcomes.
How to verify a platform's FSCA registration
Go to fsca.co.za and navigate to the Financial Service Providers register. Search the platform or company name. A legitimate, currently licensed provider will appear with their licence number, licence category, and licence status.
If a platform claims to be FSCA-registered but does not appear in the register — or appears with a lapsed licence — do not deposit money.
What FSCA registration means for your money
FSCA registration means the platform has met minimum capital adequacy requirements, submitted to regular audits, and is required to treat customers fairly under the Treating Customers Fairly (TCF) framework. If a licensed provider goes insolvent, the Investor Protection Levy Fund provides limited protection.
FSCA registration does not mean your investments are guaranteed. Markets move up and down. FSCA registration means the platform is legitimate — not that your money is safe from market risk.
Frequently Asked Questions
What is the difference between the FSCA and the SARB? The South African Reserve Bank (SARB) regulates banks — their capital requirements, monetary policy, and systemic stability. The FSCA regulates the conduct of financial service providers — investment platforms, advisors, and financial product providers. They operate separately. A retail investment platform is regulated by the FSCA, not the SARB (unless it also holds a banking licence).
What should I do if I think an investment platform is a scam? Report it to the FSCA directly via their complaints portal at fsca.co.za. The FSCA has enforcement powers including issuing cease-and-desist notices, fines, and criminal referrals. You can also report suspected investment fraud to the South African Police Service (SAPS) and the Hawks (Directorate for Priority Crime Investigation).
Is Kora Markets FSCA regulated? Yes. Kora Markets operates under FSCA oversight. You can verify this directly on the FSCA register. Kora Markets Play and Sim Lab involve no real money and carry no financial risk. Kora Markets Invest is the regulated investment product.