Forex brokers, CFD brokers, or any financial institution such as insurance companies must have a valid FSP number. Companies must be authorized by the Treasury Department of Conduct Authority (FSCA) in South Africa. Clients should always be eligible for a simple FSP review to determine which company they are trading with or are considering any future business with. Read along to learn how to register with FSCA FSP search and how it helps you in forex trading.
What is FSCA?
Simply put, the FSCA is a director of financial market behavior. They provide financial services and products to financial institutions authorized under financial legislation. All these rules must obey their laws and regulations at all times. It includes insurers, banks, pension funds, and market managers.
Cost for registering as an individual FSP
You’ll need to clear the following costs when registering as an individual FSP:
- an application fee of $300 (plus GST)
- an FMA levy of $500 (plus GST)
- An amount of $35 (plus GST)for the cost of your criminal history check unless you’ve already undergone a test within the last three years.
How to register as an individual FSP?
- Log in to your online services account.
- From the dashboard, click on Register FSP (individual).
- Complete your application by entering the necessary information, which includes; previous FSP numbers if any, other names you are known by, confirmation that you are expecting to reach a minimum goal, any trending names that you have used, whether you are a reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. You have to mention the month you’ll submit your annual confirmation, your business and contact addresses, and other financial services that you may provide in the future.
- You have to confirm whether you are the person named or are filling the form under the authorization of the actual applicant. It is done in the Declaration tab.
- Double-check the information you have entered in the Review tab.
- Confirm that you have provided authentic information.
- Click on ‘Submit’.
- Choose the payment option on the payment screen and click process payment to complete your application.
Objectives of FSCA
FSCA strives to ensure fairness in the forex marketing industry. They make sure that no client is favored above another, irrespective of their status, country of origin, or funds in their account. It ensures a fair and stable market environment for every client and provides them with a pleasant workspace. Their core values are agility, diligence, fairness, integrity, perseverance, and camaraderie.
How to conduct your FSCA FSP search?
It is a fairly easy and user-friendly process. You have to visit FSCA FSP Search and carry out your search. Hopefully, this helps you carry out any future trades you make with authentic brokers or financial institutions. Remember, if they are not present and their status is not authorized, they cannot do any business. You will get to know this information through the FSCA FSP search.