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 effective 1 April 2018. The Tribunal will no longer be operating from the FSCA’s Garsfontein office, but from its new premises at Kasteel Office Park, as from 1 August 2019.
Upon application, the Tribunal provides a person who is aggrieved by a decision of a decision-maker with a chance to apply to the Tribunal for a reconsideration of such a decision in terms of section 218 of the FSR Act. In addition to this, it performs the other functions as conferred on it by the Act and specific financial sector laws.
The Tribunal is an adjudication forum similar to the Appeal Board, with the difference being that its mandate is wider than that of the Appeal Board, which first came into existence by virtue of section 26 of the Financial Services Board Act, No. 97 of 1990 (the FSB Act) and was re-established in expanded form and with amended procedures under the Financial Services Laws General Amendment Act, No 22 of 2008. The latter Act introduced sections 26A and 26B to the FSB Act which now deal with the Appeal Board, its panels and appeal proceedings.
The Financial Services Tribunal is an independent body with its members being appointed by the Minister of Finance. The Tribunal may consist of as many members as the Minister may determine, but at least two members must be retired judges (currently Retired Justices Yvonne Mokgoro and Louis Harms) and two other persons must be experienced or knowledgeable in respect of financial products, services and instruments as well as market infrastructures or the financial system.
In accordance with the Ministerial regulations published on 29 March 2019, the Financial Sector Conduct Authority (FSCA) must provide financial, secretarial, administrative and other support to the Tribunal. The secretariat of the Tribunal is appointed by the Executive Head of the FSCA and is responsible for the administrative and organisational arrangements relating to the appeal process.