The scene
setter
The Financial Sector Conduct Authority (FSCA), must deliver on its key mandates in a challenging economic climate. The financial sector is a crucial component of South Africa’s economy and developmental goals, and the regulation and supervision of FSCA thereof will have to be modern, relevant and thorough.
The importance of the FSCA’s role cannot be understated in this regard.
Informed
financial
customers
A core element of the responsibilities the FSCA carries is the crucial mandate of protecting consumers, identified as existing as well as potential financial customers. The FSR Act, while outlining a number of regulatory and enforcement measures that can be taken in defence of consumer rights in the financial services sector (such as administrative actions and sanctions, court orders, enforceable undertakings and debarment orders)...
A robust regulatory framework that promotes fair customer treatment
Treating Customers Fairly (TCF) is an initiative that has been in existence for the past six years. In the new regulatory environment TCF has become a key cornerstone. As such, it is important to understand how TCF is applied to the existing regulatory and advisory frameworks and also to the proposed activity-based licensing model. The FSCA's predecessor...
The FSCA's
cooperative and collaborative
measures
The Prudential Authority (PA) operates within the administration of the South African Reserve Bank (SARB) and was established together with the FSCA as part of the Twin Peaks model of financial sector regulation to regulate financial institutions (which includes retirement funds, administrators and insurers) under the FSR Act. Although it operates within the SARB administration...