JP Markets was in 2016 issued with a category 1 licence to ‘provide advice and render intermediary services in respect of derivative instruments and deposits as defined in the Banks Act’.
The firm allegedly traded against them, meddling with the trading conditions to drive down high earners’ profitability and hike up the firm’s. The FSCA suspended JP Markets’ financial services provider licence in June and is now moving to liquidate the company. “We believe the FSCA ought to have engaged role-players in the space rather than rushing to court on hearsay evidence.” FSCA business supervision division head Kedibone Dikokwe’s founding affidavit said JP Markets FSP licence had been provisionally suspended on an urgent basis .
Described on its website as a “global forex powerhouse”, JP Markets was in 2016 issued with a category 1 licence to – as Dikokwe explained – “provide advice and render intermediary services in respect of derivative instruments and deposits as defined in the Banks Act”.
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