FSCA warns public against BorneMX Market for falsely claiming affiliation with authorised FSP Tickmill South Africa (FSP 49464)

On 10 September 2026 the Financial Sector Conduct Authority (FSCA) issued a press release warning the public to exercise caution when conducting financial services business with BorneMX Market (BorneMX). The FSCA states that BorneMX is purporting to be affiliated with Tickmill South Africa (Pty) Ltd (Tickmill), an authorised financial services provider with FSP number 49464, and that BorneMX is offering trading in forex, commodities, crypto assets and indices. Tickmill confirmed to the FSCA that it is not associated with BorneMX. The FSCA notes that BorneMX is not authorised in terms of any financial sector law to provide financial services to the public, and that the FSCA was unable to contact BorneMX because no contact details were available for it.

This is not a sanction and no penalty is involved. It matters to you for a different reason. The party being impersonated here is a legitimate, authorised FSP. Its licence number was used as a credibility prop by someone it has no relationship with. If that happens to your FSP, you will not hear about it from the perpetrator — you will hear about it from a confused client, a bank query, or a regulator. How quickly you can prove the relationship does not exist, and how well your own clients are trained to verify before they pay, is a compliance matter that sits squarely on your desk.

What the FSCA's warning consists of

• Who is warned against: BorneMX Market (BorneMX). The release is a public caution, not an enforcement sanction.
• The claim made by BorneMX: that it is affiliated with Tickmill South Africa (Pty) Ltd, FSP No. 49464.
• Tickmill's position: Tickmill confirmed that it is not associated with BorneMX.
• Products offered by BorneMX: trading in forex, commodities, crypto assets and indices.
• Authorisation status: the FSCA notes that BorneMX is not authorised in terms of any financial sector law to provide financial services to the public.
• Contactability: the FSCA was unable to contact BorneMX as there were no contact details available for it.
• Business model: the FSCA expressly does not comment on the specific business model or services offered by BorneMX.
• Penalty or debarment: none is stated in the release.

What the release sets out

1. An unauthorised entity offering financial services to the public

The FSCA says BorneMX is not authorised under any financial sector law to provide financial services to the public, while offering trading in forex, commodities, crypto assets and indices. The release does not cite a specific statutory provision or announce enforcement steps.

For you: authorisation is the first thing a client should check and the last thing a fraudster can fake. Treat "unauthorised but actively marketing" as the core risk pattern, not an exception.

2. A false claim of affiliation with an authorised FSP

The misuse here is of an authorised provider's identity and FSP number. Tickmill confirmed no association. The FSCA release does not suggest any wrongdoing by Tickmill.

For you: your FSP number is a public asset that anyone can copy. Assume it can be used without your knowledge and plan how you would respond.

3. No contact details available for the entity

The FSCA could not contact BorneMX because no contact details were available for it. That absence is itself informative.

For you: an entity that cannot be reached cannot be complained to, cannot be sued and cannot pay a determination. Verifiable contact details are a minimum, not a courtesy.

4. The FSCA's published red flags

The release lists the tell-tale danger signs the public should watch for when approached with attractive investment opportunities:

• Unrealistic or exaggerated returns
• Offers made on social media platforms
• Requirements to pay for services upfront
• Requirements to pay more money to have your investments returned
• Requirements to pay for training
• Claims that you must act and pay urgently, creating a sense of urgency
• Vague information about the investment product

For you: this is a ready-made client education list, published by your regulator. Use it as-is rather than drafting your own.

5. The verification channels the FSCA points to

The release directs the public to confirm whether a person or institution is authorised, and to verify FSP numbers, by contacting the FSCA on the toll-free number 0800 110 443 or visiting https://www.fsca.co.za/Fais/Search_FSP.htm. Suspicious activity can be reported to the Ethics and Fraud Hotline on 0800 313 626, by email to fsca@behonest.co.za, or online at www.behonest.co.za.

For you: put these channels in your client-facing material and in your complaints procedure, so staff do not have to look them up under pressure.

Why this matters to your business

Your licence number is marketing collateral for someone else. FSP numbers are published so the public can verify them. That same publication makes them easy to lift. The BorneMX matter shows the pattern in its simplest form: an unauthorised operator borrows the credibility of an authorised one. You cannot prevent the copying. You can shorten the time between it starting and you knowing about it.

Clients who lose money to an impersonator will come to you first. If a person believed they were dealing with your FSP, your reception, your call centre and your advisers will absorb the first wave of enquiries. Staff who can say clearly "that entity is not us, here is how to check us on the FSCA register, here is where to report it" protect both the client and your reputation. Staff who improvise do neither.

Representative and third-party oversight is the weak seam. Introducers, lead generators, white-label platforms and offshore "partners" all trade on the authorised firm's name. Where your FSP number appears on material you did not write, you carry the conduct risk for how it reads. Review who is permitted to reference your authorisation, in what words, and on which platforms.

Fair treatment starts before the advice does. Treating Customers Fairly is not only about suitability and disclosure at point of sale. A client who was steered to an unauthorised platform because your own disclosures were vague about who they are contracting with has not been treated fairly. Say plainly, in writing, who the product supplier is, who the FSP is, and what your FSP number is.

Seven checks to run on your own file this week

1. Search your own FSP name, trading names and FSP number on Google and on the main social media platforms. Note any site, page, group or channel using them that you do not control, and keep dated screenshots.
2. Confirm your entry on the FSCA register at https://www.fsca.co.za/Fais/Search_FSP.htm is correct — licence categories, representatives, key individuals and contact details. Clients verifying you will see exactly what is on that page.
3. Publish clear, working contact details on your website and in your disclosure documents: physical address, landline, monitored email address, FSP number. The BorneMX release shows how much weight the FSCA places on contactability.
4. Write a one-page impersonation response procedure. Who gathers the evidence, who reports it to the FSCA Ethics and Fraud Hotline on 0800 313 626 or via www.behonest.co.za, who notifies affected clients, who posts the public notice, and who briefs the board.
5. Brief front-line staff on a single script: confirm the FSP number the caller was given, tell them how to verify it with the FSCA on 0800 110 443, and log the enquiry. Every such call is early warning data.
6. Audit every third party that references your authorisation — introducers, lead generators, marketers, platform partners. Confirm each arrangement is in writing, mandated and current, and remove your FSP number from anything that is not.
7. Add the FSCA's red-flag list to your client onboarding pack and your newsletter, in the FSCA's own words. Then check your own marketing against it: no exaggerated return claims, no artificial urgency, no vagueness about what the product actually is.

How RCC Compliance can help

RCC Compliance is an FSCA-authorised compliance practice, practice number PN 7870. We work with FSPs on exactly the housekeeping this warning exposes.

• Register and disclosure reviews, so your FSCA record and your client documents say the same thing
• Brand and FSP-number misuse monitoring, with a written impersonation response procedure
• Third-party, introducer and outsourcing arrangement reviews
• Marketing and advertising reviews against the FSCA's published red flags and TCF outcomes
• Front-line staff training on verification, complaints handling and escalation
• Ongoing compliance monitoring, risk management plans and reporting

Call us on 010 634 1800, email compliance@rccaudit.co.za, or book a consultation at rcccompliance.co.za/contact.

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Source: FSCA Press Release, "FSCA warns public against BorneMX Market", 10 September 2026. This issue is general guidance and does not constitute legal advice. Obligations differ by licence category and business model. Nothing in this issue suggests any wrongdoing by Tickmill South Africa (Pty) Ltd, which the FSCA records as an authorised FSP and which confirmed it has no association with BorneMX Market.