FSCA fines adviser R4.1m and bans him for 25 years. Check yours

The Financial Sector Conduct Authority (FSCA) has fined Johannes Lodewicus du Plessis R4.1 million and banned him from the financial services industry for 25 years, according to an FSCA statement released on 26 October 2026.

The regulator says its investigation found that between June 2022 and November 2025 he took money from clients and traded it in shares on the Sanlam Private Wealth (SPW) iTrade platform, without being authorised to do so.

What did the FSCA find?

According to the FSCA, Du Plessis sent clients welcome letters and investment statements on SPW letterhead, carrying SPW's financial services provider (FSP) number. That gave clients the impression he was an appointed SPW representative. The FSCA says he was not.

The regulator also found that he gave its investigators false and misleading information. It concluded that he materially broke several laws, including section 7(1)(a) of the Financial Advisory and Intermediary Services (FAIS) Act and section 139 of the Financial Sector Regulation Act.

The FSCA says it will now formally refer the matter to the South African Police Service (SAPS) and help the police if asked.

How did the case start?

The FSCA first warned the public about Du Plessis in November 2024, after receiving information that he had allegedly promised returns of up to 36% a year through his entity, JLD Investments CC. At the time, SPW told the regulator he was not authorised to act as its representative.

In March 2026 the FSCA, by agreement with Du Plessis, appointed a curator over part of his and JLD Investments' financial services business to protect investors. In May it said he had hindered the curatorship by staying in contact with clients, which he had agreed not to do.

I invested with Du Plessis or JLD Investments. What should I do?

The FSCA says the curatorship is ongoing and nearly complete, and it encourages affected clients to contact the curator so their claims can be assessed. The curator is attorney Aubrey Magerman:

• Email: [email protected]
• Phone: 083 461 5294

These contact details come from the FSCA's curatorship notices. Deal with the curator only, not with Du Plessis.

How do I check if my financial adviser is authorised?

The FSCA says anyone offering investment advice or services must be an authorised FSP, and should show their FSP number on their documents. In its 2024 warning it advised the public to:

• Refuse to pay money to anyone who can't give you an FSP number.
• Check that the FSP number matches the name on the FSCA's database. Fraudsters sometimes borrow a real firm's number, as the FSCA found in this case.
• Check which category of advice the person is licensed for, because some are only registered for basic, low-risk products.

You can search for an authorised provider on the FSCA's FSP search or call the FSCA toll-free on 0800 110 443. General FSCA enquiries go to 0800 203 722 or [email protected].