FSCA ENewsletter
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It's all Systems go
It’s been just over a year since we started implementing our new regulatory approach, and work is progressing in all our key strategic focus areas. In this issue of the FSCA Newsletter 2019/20 we give you an update on this progress and highlight some of the key developments that have taken place during this time. One of them is our new Integrated Regulatory System, which is intended to provide a single view of the entities we regulate. This will make your reporting so much easier and allow us to get a better sense of your operations.
The Integrated Regulatory System will be beneficial to both the FSCA and financial services consumers alike
There was a time when technological solution providers were developing solutions without considering enterprise-wide needs. Solutions were built according to what service providers thought were the needs of the business. It was no different in the former Financial Services Board. Core business systems were built, and service providers considered the mere building of these systems a successful activity. As we moved over to the FSCA, we had to ask the question, do these solutions still meet the needs of our business? The answer is well, yes and no.
What can be expected from the draft Conduct Standards for Banks
Regulating the conduct of banks is one of the FSCA’s new areas of responsibility, and one where we have already made significant strides. Being actively aware of the risks to fair customer outcomes in the retail banking sector, the FSCA identified the need to develop a Conduct Standard for Banks that will effectively supervise these institutions. This is the initial step in implementing a comprehensive market conduct regulatory framework.
The Financial Services Tribunal
The Establishment of the Financial Services Tribunal Office
The Financial Sector Regulation Act 9 of 2017 (FSR Act) established the independent Financial Services Tribunal in terms of section 219. The Tribunal replaced the FSB Appeal Board effective1 April 2018. The Tribunal will no longer be operating from the FSCA’s Garsfontein office, but from its new premises at Kasteel Office Park, effective 1 August 2019.
The application for reconsideration of decisions by the Tribunal
The Tribunal also issued new Rules which were effective as from 1 August 2019 and the document refers to the application for reconsideration of decisions and what is important to note regarding this point that:
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