The Financial Sector Conduct Authority (FSCA) has temporarily suspended the licenses of three financial service providers. This decision was made after conducting investigations that revealed preliminary evidence of serious breaches of financial sector laws.
The companies whose licenses were revoked include Eklavya Asset Managers (Pty) Ltd, Kift Wealth (Pty) Ltd, and Astrix Data (Pty) Ltd, which is now known as IGM Financial Services (Pty) Ltd. The FSCA announced the license revocations with immediate effect in separate statements published on September 30, 2026.
As a result of the temporary license revocation, none of the companies are entitled to carry out further activities in the financial services sector or accept funds from clients. The FSCA stated that the enforcement process is ongoing, including consideration of other possible measures, and promises to inform the public of its final decisions.
The FSCA's investigations uncovered various forms of alleged misconduct, such as unauthorized use of client funds, provision of financial services outside the scope of the relevant license, failure to protect client assets, and providing clients with false or misleading information.
Preliminary evidence of illegal discretionary trading, misappropriation and commingling of client funds, and conduct inconsistent with the standards required of authorized providers was found. The FSCA emphasized that preliminary evidence only means sufficient evidence at first glance, not an admission of guilt, and did not assert that any court or tribunal had ruled against the companies or involved parties.
Investigation into Eklavya Asset Managers
The FSCA reported that its investigation into Eklavya, Solis Markets, and 'relevant key individuals' began after receiving information that Eklavya and other parties were unable to process client withdrawal requests. Previously, the FSCA indicated that its records contained information stating that Solis Markets is neither an authorized FSP nor a legal representative of Eklavya or any other authorized FSP, although Eklavya claimed that Solis Markets is a trading platform it uses.
Investigation into Kift Wealth
The FSCA investigated Mr. Martin James Kift and Kift Wealth after they submitted a report in which, according to the FSCA, they admitted to certain breaches of financial sector laws. The FSCA statement does not specify which violations were admitted.
Investigation into Astrix Data / IGM Financial Services
The FSCA's investigation covered Astrix, IGM, Vector Financial Services (Pty) Ltd, Finbok, and relevant key individuals. It was initiated after receiving information about a fraudulent currency or cryptocurrency trading platform that allegedly attracted the public with promises of unrealistic profits. The license revocation pertains only to Astrix. No official statement has been issued regarding any change in the status of Vector or Finbok.
The FSCA announced the start of a formal investigation into Astrix Data, Vector Financial Services, and Finbok on June 6, 2024, following complaints from members of the public who could not retrieve their money. The publication Business Report reported in June 2026 that the license was renamed to IGM Financial Services during the investigation. Concerned members of the public can contact the FSCA at 0800 203 722 or via email at communications@fsca.co.za.