Mixirite Licence Withdrawn by FSCA
The Financial Sector Conduct Authority (FSCA) finalised the withdrawal of Mixirite (Pty) Ltd’s financial services provider (FSP) licence, number 52110, with immediate effect on 5 November 2026. “Fit and proper” is the test of honesty, competence and soundness a licensed firm must keep meeting.
The FSCA is of the view that Mixirite contravened various financial sector laws in a material manner and that it no longer meets the fit and proper requirements to be a financial services provider.
Financial Sector Conduct Authority
The regulator provisionally withdrew the licence on 24 June, an interim step taken after preliminary findings in an ongoing investigation. The FSCA said at the time that, under the provisional withdrawal, Mixirite could not conduct financial services business or receive additional client funds. Mixirite made representations. According to the FSCA, it did not oppose the withdrawal being made final, but disagreed with the preliminary findings.
The findings, which the FSCA said included others, centre on how the firm sold. They were aggressive, manipulative and high-pressure sales techniques by agents, and financial advice given by people who were not authorised representatives. The FSCA also found promises of unrealistic or guaranteed returns, no appropriate suitability and needs analyses (checks that a product fits a client’s circumstances), inadequate risk disclosures and significant overall governance concerns.
The investigation is at an advanced stage and also covers four other companies: Complyxpert (Pty) Ltd, Start Stream (Pty) Ltd, Rayn Investments (Pty) Ltd and Advice 365 (Pty) Ltd. It also covers key persons, the individuals who run or oversee the firms. The FSCA is examining possible contraventions of section 7(1) of the Financial Advisory and Intermediary Services Act, No. 37 of 2002, the law that governs who may give financial advice and sell products.
