Regulatory Information
FX PAYMASTER (PTY) LTD
All our foreign exchange transactions are processed through an Authorised Dealer Bank in South Africa in strict accordance with South African Reserve Bank (SARB) Exchange Control Rules and Regulations.
FX Paymaster is an authorised Financial Service Provider. FSP: 46213
We are authorised to conduct the business of a Foreign Exchange Intermediary under the Categories 1.13, 1.17 & 1.18.
We are never primary to any transactions.
This means that all deals are executed directly with an Authorised Dealer Bank in the name of the customer.
As a foreign exchange intermediary, we sit between the client and the bank and are there to help you save time and money on your transfers.
We offer guidance and support and use technology to streamline the way customers transact and communicate with the bank.
FX Paymaster is regulated by the Financial Sector Conduct Authority (FSCA) and is an Accountable Institution registered with the Financial Intelligence Centre Act, under reference number AI/151126/00009.
We comply fully with the FSCA regulations. All deals are supported by electronic deal tickets and all phone calls are recorded for mutual security.
Our Banking Partners
As an intermediary service provider, we sit between the client and the bank. We are never primary to any transactions which means that our clients never pay us directly. When settling your foreign exchange contracts, you will only ever transfer funds into your own account at our dedicated banking partner – Mercantile Bank (a division of Capitec Bank).
Resolving Complaints
In terms of the Financial Advisory and Intermediary Services Act (FAIS, Act37 of 2002) every Financial Services Provider (FSP) who is authorised to provide financial advice and/or intermediary services to clients, have the duty to offer clients a formal process to resolve complaints.
The complaint resolution process must offer the client the opportunity to lodge a complaint and have the complaint resolved within 6 weeks.
In the event of the complaint not being resolved within 6 weeks the client can escalate the complaint to the FAIS Ombud for a final ruling. Such complaint must be lodged within six months after the determination that the complaint could not be resolved by the FSP. To lodge a formal complaint please email info@fxpaymaster.com
