South Africa’s Financial Sector Conduct Authority has made the withdrawal of Mixirite’s financial services licence final, citing material breaches of financial sector laws and concerns over the company's treatment of clients.

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The decision takes immediate effect. The FSCA said Mixirite no longer meets the fit and proper requirements to operate as a financial services provider.

The regulator provisionally withdrew the licence in June 2026 following preliminary findings from an ongoing investigation. Mixirite was given an opportunity to respond and explain why the decision should not become permanent. The company submitted its representations but did not oppose the final withdrawal, although it disagreed with the investigation findings.

FSCA Identifies Aggressive Sales Practices and Governance Failures

The FSCA found that Mixirite's agents used aggressive, manipulative and high-pressure sales techniques when dealing with clients.

The investigation also found that individuals who were not authorised representatives provided financial advice. Other concerns included promises of unrealistic or guaranteed returns and failures to conduct proper suitability and needs analyses.

The regulator also identified inadequate risk disclosures and significant governance concerns.

FSCA Expands Investigation to Four Other Companies

The FSCA has expanded its investigation to include Complyxpert, Start Stream, Rayn Investments and Advice 365, along with their key persons.

The regulator is examining possible breaches of financial services laws by the companies and their associated individuals. It did not disclose specific allegations or further details, citing the sensitivity of the matters and the need to preserve the integrity of the investigation.

The FSCA said it would provide "further updates on the investigation and any resulting decisions at the appropriate time".