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South Africa probes online trader Finbok for infractions

By , Senior contributor
South Africa , 07 Jun 2024
The FSCA is investigating into Finbok Vector Financial Services (Pty) Ltd and Astrix Data (Pty).
The FSCA is investigating into Finbok Vector Financial Services (Pty) Ltd and Astrix Data (Pty).

The South African Financial Sector Conduct Authority (FSCA) has initiated an investigation into Finbok, an online platform managed by Vector Financial Services and Astrix Data, in response to public complaints of misconduct.

Finbok is an online trading platform that allows clients to trade forex, stocks, and derivatives.

According to the FSCA, Vector Financial is a juristic representative of Astrix Data (Pty) Ltd, an accredited financial services provider (FSP) with FSP number 52313.

“The complaints relate to the investigated parties not refunding clients or processing withdrawal requests. The purpose of the investigation is to establish whether the investigated parties are contravening financial sector laws,” reads the FSCA statement.

The FSCA records that the investigated parties are cooperating with the investigation and emphasised that the is still ongoing with no findings to date.

“This media release is in no manner a suggestion that the investigated parties contravened a financial sector law or acted improperly,” said the FSCA.

However, the developments suggest that the complainants are not happy with the Finbok internal resolution processes. The company, through a post on its website, encourages aggrieved clients to report disputes to its structures.

“You should try to resolve disputes through the usual customer service channels, as they are able to resolve the vast majority of disputes and very often issues as a result of misunderstanding and can easily be resolved,” reads the post on the Finbok website.

As the probe unfolds, the FSCA has encouraged all affected members of the public or investors who have any information regarding this to come forward.

The FSCA's mandate is to enhance the efficiency and integrity of financial markets; promote fair customer treatment by financial institutions; provide financial education and promote financial literacy; and assist in maintaining financial stability.

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