Same here. But the same is true for my Samsung A52, that I use for my work.
On the FP4 I have here Google Play system update is even from 1 February 2023. I have never used the device with a Google account, might that explain why my version is even older? (I am able to update all pre-installed apps without the account through the Play app.)
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Only to check Google Play Security Update is the last one from 1. November 2023?
Yes, Google Play security is still November, Android security is now January.
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Yes on most devices I guess. On a Pixel 7a it was just updated to January 1st. So Google seems to prioritize their own devices.
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Not a FP5 “issue” or issue of this update, if an issue at all…
Edit @konqui
Translated with Deepl
Google Play system update - Many devices are still set for November 2023
Many smartphones are still on the Google Play system update for November 2023, some Pixel 8 devices even on April or August 2023. There was no system update at all in December and the January update was problematic in that it denied memory access to users with multiple profiles. There is now a solution from Google, the rollout of the update has been stopped.
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The weird thing for me was that I first had “Google Play system update” at November 2023.
So I went to Settings → About phone → Android version → Google Play system update. Searched for update, found, installed, rebooted.
And then I had to repeat this about 5 times, I honestly lost count, and the update size was different each time. In the end I thought it’s probably buggy and nothing’s really happening but after those 5 times the version came up as January 2024 and no more updates appeared.
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Yesterday as i found GooglePlaySystem update (not remeber what size), install it, reboot and show 1.1.2024 and not found next update…
Bud today, as read your story i chceck again, and found 720kB update, install, reboot and show next 720kB update, install reboot and next update not found… Still show actual 1.1.2024 :-)
Yes, Same for me first one was around 95 MB. Second one same size as metion above.
Same here. I downloaded a 720kb update and nothing seems to have changed.
in various situations the google play systems update updates itself in iterative steps. sometimes you dont even see a new name or version number (month) for it and within the next reboot it updates itself even further or a bit later with larger downloads and then thoroughly or fully. never understood how they work under the hood of this layer.
My work phone (Samsung A52) received also two steps of play services updates (with two reboots). So this is definitely not an issue with Fairphone OS.
Got a new update this morning, about 7 mb. Now my Google Play Store is 39.6.25-31 (it was 39.5 before).
But 39.6 is not listed on Google’s site, only 39.5 and 39.7. Go figure… 
Where do you see your exact Play Store version?
Got that 7 MB update too and all I see is “January 1st, 2024”, same as before, a version which apparently doesn’t exist either according to the page you linked to. 
The play services version January 1st 2024, and today there is another Google Play system update
The play store app version you can find in the app info of the play store: In my case it is 39.6.25-31
i think Google Play Store version not direct depend on Google Play System update, i have
39.6.25-31 before and after installing today 7MB update 
The whole thing is a black box. I’m sure someone on some Android forum has figured it out.