FSCA newsletter
issue 5
theme: the transformation issue
The 1st of April 2018 saw a new dawn for the FSCA. The rebranding of the organisation was not an isolated event, but a pivotal part of a seven-year journey that has brought the FSCA to this point of new beginnings. How we plan to chart the way forward is contained in the regulatory strategy (https://www.fsca.co.za/Documents/FSCA_Strategy_2018.pdf), a watershed document for our industry that aims to put into perspective our vision and mission for our regulatory journey over the next three years.
The regulatory strategy, in summary, sets out the following:
• our regulatory and supervisory priorities for the next three years;
• the intended key outcomes of the strategy;
• guiding principles and matters we should have regard to when performing our functions;
• our approach to administrative actions;
• how we will give effect to requirements of openness to consultation, accountability, consistency with relevant international standards, and generally perform our functions under the FSR Act.
As a newly established authority, the FSCA has much work to do to ensure that it delivers on it’s
mandate. We therefore developed a consolidated approach that will narrow our focus and energies into six key initiatives that we believe are most likely to enable us to achieve our statutory objective and policy goals, which are contained in this regulatory strategy. They are:
• Building a new organisation
• An inclusive and transformed financial sector
• A robust regulatory framework that promotes fair customer treatment
• Informed financial customers
• Strengthening the efficiency and integrity of our financial markets
• Understanding new ways of doing business and disruptive technologies.
We will in the coming months further elaborate on each focus area in our FSCA newsletter.
“Our new mandate though now broader, does not change. Our chief duty is that of protecting financial customers and ensuring that they are treated fairly. This strategy was derived with that core in mind.
This journey would have been impossible without the support and contribution of all our key stakeholders, particularly the Board, committees and staff of the erstwhile Financial Services Board - now staff of the FSCA - to whom I would like to extend my sincere gratitude.”
Mr. Abel Sithole
FSCA Commissioner
