FSB
Updated:
The Financial Services Board became South Africa's FSCA in 2018 — a broker still citing the FSB has not updated its page. The brokers below reference it.
Brokers regulated by FSB
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The Financial Services Board was South Africa's non-banking financial regulator until 1 April 2018, when the country restructured supervision under the Financial Sector Regulation Act. Its functions passed to two new bodies: the Financial Sector Conduct Authority, which took market conduct, and the Prudential Authority inside the Reserve Bank, which took solvency.
Why a broker page still saying FSB matters
The FSB has not existed since 2018. A licence itself did not lapse — authorisations transferred to the FSCA — but a regulatory page naming a body dissolved years ago tells you the page has not been reviewed since, and the regulatory page is the one clients rely on most heavily.
Verification now runs through the FSCA's register of authorised financial service providers, not through any FSB list.
What the South African regime provides
A broker serving South African clients normally holds an FSP licence under the Financial Advisory and Intermediary Services Act, permitting advice and intermediary services. Market-making in leveraged currency contracts requires a separate Over-the-Counter Derivative Provider licence introduced in 2018, which obliges the firm to report derivative trades to a licensed trade repository and hold regulatory capital against its book.
The FSCA enforces conduct: client funds separated from the firm's own money, advertising that does not misstate risk, and a documented complaints process escalating to the FAIS Ombud.
What it does not provide
No leverage cap — which is why brokers offer 500:1 to South African clients while capping European clients at 30:1 under the same brand. No mandatory negative balance protection. And no statutory investor compensation scheme comparable to the UK's FSCS.
Checking a licence today
Search the FSCA register by the FSP number in the broker's footer, confirm the legal entity name matches your client agreement, confirm the licence category covers derivative instruments, and confirm the status reads active. ProForexBrokers.com treats an FSB citation as a prompt to check everything else on the page rather than as a disqualification in itself.