In this fourth newsletter focusing on the phasing in of the Twin Peaks regulatory model, the Financial Sector Conduct Authority (FSCA), which in April replaced the Financial Services Board (FSB), provides details of the implementation of the Financial Sector Regulation Act (FSRA). The FSCA is one half of the Twin Peaks regulators under the FSRA. The other part of the Twin Peaks is the Prudential Authority (PA), which falls under the South African Reserve Bank (SARB). The newsletter will also explore the inner workings of the Ombudsman and the Financial Services Tribunal, both of which form part of the FSRA and are aimed at enhancing the complaints and dispute resolutions processes within the financial services sector.
The FSCAThe Financial Sector Regulation Act (FSRA), which was signed into law in August 2017, established two new financial sector regulators. |
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Financial Services TribunalThe Financial Sector Regulation Act (FSRA) will bring about new changes in the financial services sector one of which will be the introduction of the Financial Services Tribunal. While the Tribunal is still at an early stage of implementation, the FSCA explains its inner workings once established. |
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Ombuds StructureThe Financial Sector Regulation Act (FSRA) will also introduce the Ombuds Council (also referred to as the Chief Ombuds), which aims to provide a more harmonised and consistent approach to adjudicating customer complaints. Once established, it will also provide an independent and efficient dispute resolution. |