Around the world more and more regulation is being done by private professional associations or industry leaders. This always comes about due to flaws in the government regulatory authorities and or their mandates and focus.
American and international accounting reporting standards are created by private independent groups of industry professionals.
In South Africa a similar situation has presented itself in the field of Forex and specifically Forex regulation. There is no oversite for Forex training from financial regulators or any education board. Brokerages that are regulated do as they please because it is just a matter of paying a small fine once in a while.
And so the FXB was formed at the end of 2016, to act as a private regulatory agency for any honest law abiding Forex related companies in South Africa to join voluntarily. Your name would be displayed on the website of FXB and you will need to be honest, transparent and look after your customers in order to stay listed. Your customers can complain directly to the FXB and if the compaints are valid and serious enough the FXB may decide to issue a fine or demand you make restitution in some way shape or form. You have the right to deny the demands of the FXB but the FXB also has the right to remove you from the list of board members