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South Africa's Financial Sector Conduct Authority (FSCA) has made its decision to withdraw Mixirite's financial services licence permanent, with the ruling taking immediate effect. The regulator cited material contraventions of financial-sector legislation and concerns about client treatment, and said Mixirite no longer meets the fit and proper requirements for a financial services provider.
The FSCA first provisionally withdrew the licence in June 2026, after preliminary findings in an investigation that remains under way. Mixirite was allowed to respond before the decision was made permanent. It submitted representations, did not oppose the withdrawal, but disputed the investigation's findings.
Sales conduct and control failures
The regulator's findings covered client acquisition, advice, disclosures and governance. It described the sales approach used by Mixirite agents as forceful and manipulative. Other conduct identified by the FSCA included:
The investigation has also widened to cover Complyxpert, Start Stream, Rayn Investments and Advice 365, together with their key persons. The FSCA has not set out particular allegations, citing the sensitivity of the issues and the need to protect the inquiry. Finance Magnates reported that the regulator plans to issue further information and decisions when appropriate.
- People without authorised representative status gave financial advice.
- Clients were offered returns characterised as unrealistic or guaranteed.
- Suitability and needs assessments were not properly carried out.
- Risk information was inadequate, and the regulator identified substantial governance weaknesses.
What to watch next
For operations and risk teams, the findings point to controls worth testing across sales and advice workflows. Can staff permissions be checked before advice is given?
Are suitability assessments and risk disclosures captured in records that compliance teams can retrieve? The source does not identify Mixirite's systems or specify which processes were implicated.
Firms reviewing their own controls can also check how return claims are approved and whether governance teams can trace advice and disclosures to the relevant records. The FSCA has not disclosed the scope or timetable for its examination of the four other companies, so the next step is to monitor for the regulator's announced updates.
