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.
‘𝗔𝗹𝗹 𝗲𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝗰𝗮𝗻 𝗯𝗲 𝗿𝗲𝘀𝘁 𝗮𝘀𝘀𝘂𝗿𝗲𝗱 𝘁𝗵𝗮𝘁 𝘁𝗵𝗲𝘆 𝘄𝗶𝗹𝗹 𝘀𝘁𝗶𝗹𝗹 𝗵𝗮𝘃𝗲 𝗳𝘂𝗹𝗹 𝗮𝗰𝗰𝗲𝘀𝘀 𝘁𝗼 𝗼𝘂𝗿 𝘁𝗿𝗮𝗱𝗶𝗻𝗴 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺𝘀 𝗮𝗻𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀. 𝗪𝗲 𝗮𝗹𝘀𝗼 𝗰𝗼𝗻𝗳𝗶𝗿𝗺 𝘁𝗵𝗮𝘁 𝗮𝗹𝗹 𝗱𝗲𝗽𝗼𝘀𝗶𝘁𝘀 𝗮𝗻𝗱 𝘄𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹𝘀 𝘄𝗶𝗹𝗹 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝘁𝗼 𝗯𝗲 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝗱.’
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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