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JP Markets’ FSP Licence provisionally suspended

JP Markets’s FSP Licence number 46855 has been provisionally suspended. JP Markets’ CEO, Justin Paulsen, posted a mini statement on Facebook to announce the suspension.

‘We have received a notification of provisional suspension of our FSP licence from the Financial Sector Conduct Authority.’

‘We bring this notice to your attention in terms of the conditions of the mentioned provisional suspension.’ stated Justin.

New accounts have been affected by the provisional suspension, as a result, JP Markets will not be opening any new client accounts.

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Justin is positive that the suspension will be overturned. 

‘We take this matter very seriously and we are in the process of consulting with our
legal team. We will keep all clients updated with any further developments.’ concluded Justin.

“The Financial Sector Conduct Authority (FSCA) has provisionally suspended the licence of JP Markets SA (Pty) Ltd (JP Markets), FSP number 46855, as there is a reasonable belief that substantial prejudice to clients or the general public may occur if they continue rendering financial services.”  writes FSCA in a statement

“The Authority has decided to provisionally suspend the FSP licence, pursuant to the commencement of an investigation into the contraventions of certain financial sector laws by JP markets and numerous complaints received from clients based on JP Markets’ failure to honour client withdrawal requests. During the period of JP Markets provisional suspension, it is also not permitted to take on any new business.”

‘The public is further warned that JP Markets is not authorised as an OTC derivative provider and therefore is not permitted, as a regular feature of its business and\ acting as principal to; originate, issue, sell or make a market in OTC derivatives. The investigation in respect of JP Markets is currently on-going.’ concludes FSCA

 


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