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The Financial Sector Conduct Authority (FSCA) issued three public warnings on 6 November against operations that it says are misusing the identities of authorised financial businesses. The warnings target Discovery Online Trade Plus, Halifax Loans SA and individuals who are using the name, address and registration number of Aeon Investment Management to promote foreign‑exchange trading via WhatsApp. In a separate action announced on 5 November, the regulator made the withdrawal of the licence of financial services provider Mixirite final after preliminary findings of aggressive sales practices, promises of unrealistic or guaranteed returns and governance concerns. The licence, number 52110, was provisionally withdrawn on 24 June 2026 and the final decision took effect immediately. ### Discovery Online Trade Plus The FSCA said Discovery Online Trade Plus was presenting itself as an authorised financial services provider and had used the Financial Services Provider (FSP) number of Gikuyu Brokers Investments (51424) in communications with potential investors. Gikuyu Brokers confirmed it had no association with Discovery Online Trade Plus and that the operation was not authorised to provide financial services. The regulator could not contact the business because no contact details were available. ### Halifax Loans SA Halifax Loans SA allegedly presented itself as affiliated with Halifax Insurance Brokers, an authorised provider with FSP number 9998, and used the broker’s details when offering loans to the public. Halifax Insurance Brokers confirmed it had no association with the company. The FSCA said Halifax Loans was not authorised to provide financial services and that it had been unable to reach the business. ### Individuals using Aeon Investment Management’s identity Three individuals are using Aeon Investment Management’s name, physical address and company registration number to promote forex trading through a WhatsApp group. Aeon, an authorised provider with FSP number 27126, confirmed it was not associated with the individuals. The regulator’s enquiries were not answered. The FSCA urged consumers to be cautious of unsolicited investment and trading offers, especially those made through social media. It identified warning signs such as unrealistic or exaggerated returns, upfront payments, demands for additional money to release investments, paid training and pressure to act urgently. Consumers can verify whether a financial services provider or individual is authorised by using the regulator’s online FSP search or by calling its toll‑free number, 0800 110 443. ### Mixirite licence withdrawal The FSCA finalised the withdrawal of Mixirite’s FSP licence (52110) with immediate effect. The regulator provisionally withdrew the licence on 24 June 2026 following preliminary findings in an ongoing investigation. Mixirite was given an opportunity to make representations and did so, although it did not oppose the provisional withdrawal becoming final. It disagreed with the investigation’s preliminary findings. The FSCA said its preliminary investigation findings included that Mixirite’s agents used aggressive, manipulative and high‑pressure sales techniques, while people who were not authorised representatives provided financial advice. The findings also included promises of unrealistic or guaranteed returns, failures to conduct appropriate suitability and needs analyses, inadequate risk disclosures and significant governance concerns. After considering Mixirite’s submissions, the regulator decided to finally withdraw the licence with immediate effect, concluding that the company had materially contravened financial sector laws and no longer met the fit‑and‑proper requirements to operate as a financial services provider. The broader investigation has been expanded to include Complyxpert, Start Stream, Rayn Investments and Advice 365, as well as the key persons associated with those businesses, for possible contraventions of the Financial Advisory and Intermediary Services Act. The FSCA said it could not disclose further details while the investigation continued. ### Consumer Advisory Panel report The warnings and licence action come as the FSCA’s Consumer Advisory Panel released its second annual report, covering April 2025 to March 2026, on 5 November. The panel, established in November 2023, highlighted changing risks facing financial customers, including artificial intelligence, digital fraud and deep‑fake technology, online trading platforms and financial influencers. It also focused on protections for vulnerable consumers, such as social grant beneficiaries. Brendan Pearce, chairperson of the panel, said financial services should be judged not only on whether consumers can access them, but also on whether they deliver fair value and positive outcomes. “As financial services evolve, consumer interests and needs must remain central,” Pearce said. The FSCA urged consumers to check the authorisation of providers before accepting financial advice, assistance or investment offers, and to investigate further before making payments if a provider’s authorisation status is not clearly displayed. Article source: The Independent Online | Image credit: The Independent Online
The Financial Sector Conduct Authority (FSCA) issued three public warnings on 6 November against operations that it says are misusing the identities of authorised financial businesses. The warnings target Discovery Online Trade Plus, Halifax Loans SA and individuals who are using the name, address and registration number of Aeon Investment Management to promote foreign‑exchange trading via WhatsApp. In a separate action announced on 5 November, the regulator made the withdrawal of the licence of financial services provider Mixirite final after preliminary findings of aggressive sales practices, promises of unrealistic or guaranteed returns and governance concerns. The licence, number 52110, was provisionally withdrawn on 24 June 2026 and the final decision took effect immediately. ### Discovery Online Trade Plus The FSCA said Discovery Online Trade Plus was presenting itself as an authorised financial services provider and had used the Financial Services Provider (FSP) number of Gikuyu Brokers Investments (51424) in communications with potential investors. Gikuyu Brokers confirmed it had no association with Discovery Online Trade Plus and that the operation was not authorised to provide financial services. The regulator could not contact the business because no contact details were available. ### Halifax Loans SA Halifax Loans SA allegedly presented itself as affiliated with Halifax Insurance Brokers, an authorised provider with FSP number 9998, and used the broker’s details when offering loans to the public. Halifax Insurance Brokers confirmed it had no association with the company. The FSCA said Halifax Loans was not authorised to provide financial services and that it had been unable to reach the business. ### Individuals using Aeon Investment Management’s identity Three individuals are using Aeon Investment Management’s name, physical address and company registration number to promote forex trading through a WhatsApp group. Aeon, an authorised provider with FSP number 27126, confirmed it was not associated with the individuals. The regulator’s enquiries were not answered. The FSCA urged consumers to be cautious of unsolicited investment and trading offers, especially those made through social media. It identified warning signs such as unrealistic or exaggerated returns, upfront payments, demands for additional money to release investments, paid training and pressure to act urgently. Consumers can verify whether a financial services provider or individual is authorised by using the regulator’s online FSP search or by calling its toll‑free number, 0800 110 443. ### Mixirite licence withdrawal The FSCA finalised the withdrawal of Mixirite’s FSP licence (52110) with immediate effect. The regulator provisionally withdrew the licence on 24 June 2026 following preliminary findings in an ongoing investigation. Mixirite was given an opportunity to make representations and did so, although it did not oppose the provisional withdrawal becoming final. It disagreed with the investigation’s preliminary findings. The FSCA said its preliminary investigation findings included that Mixirite’s agents used aggressive, manipulative and high‑pressure sales techniques, while people who were not authorised representatives provided financial advice. The findings also included promises of unrealistic or guaranteed returns, failures to conduct appropriate suitability and needs analyses, inadequate risk disclosures and significant governance concerns. After considering Mixirite’s submissions, the regulator decided to finally withdraw the licence with immediate effect, concluding that the company had materially contravened financial sector laws and no longer met the fit‑and‑proper requirements to operate as a financial services provider. The broader investigation has been expanded to include Complyxpert, Start Stream, Rayn Investments and Advice 365, as well as the key persons associated with those businesses, for possible contraventions of the Financial Advisory and Intermediary Services Act. The FSCA said it could not disclose further details while the investigation continued. ### Consumer Advisory Panel report The warnings and licence action come as the FSCA’s Consumer Advisory Panel released its second annual report, covering April 2025 to March 2026, on 5 November. The panel, established in November 2023, highlighted changing risks facing financial customers, including artificial intelligence, digital fraud and deep‑fake technology, online trading platforms and financial influencers. It also focused on protections for vulnerable consumers, such as social grant beneficiaries. Brendan Pearce, chairperson of the panel, said financial services should be judged not only on whether consumers can access them, but also on whether they deliver fair value and positive outcomes. “As financial services evolve, consumer interests and needs must remain central,” Pearce said. The FSCA urged consumers to check the authorisation of providers before accepting financial advice, assistance or investment offers, and to investigate further before making payments if a provider’s authorisation status is not clearly displayed.
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