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The FSCA Celebrates Five-Year Milestone

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Editor’s Note

Another quarter, another opportunity to reflect on the past three months. 2023 is the year the FSCA celebrates an important milestone, that of five years of serving the financial sector. For any new “old” organisation, they say it takes about five years to find one’s feet, and we believe we already have. So we thought we will kick this edition off with a conversation with Mr Jabulane Hlalethoa, the FSCA Divisional Executive for Corporate Services, as he reflects on events that led to the formation of the FSCA.

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Quick Read.

The provisional withdrawal of Salt Asset Management (Pty) Limited’s Licence

The FSCA has provisionally withdrawn the Salt Asset Management (Pty) Limited’s operating license, preventing them from conducting business as a Financial Services Provider. This decision follows the adverse findings emanating from the inspection which was conducted as well as other FIC Act contraventions noted by the FSCA through its ongoing supervision of the entity.

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Classic Financial Services One (Pty) Ltd Investigation Update

On 30 November 2022, the FSCA warned the public to act with caution when conducting any financial services related business with Classic Financial Services One (Pty) Ltd and its director, Jacobus Stephanus Geldenhuis.

The matter was reported to the Office of the National Director of Public Prosecutions, specifically its Asset Forfeiture Unit in Johannesburg (AFU), who successfully applied for two preservation orders regarding funds deposited into Classic’s bank accounts.

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Public warning against QZ Asset Management Customer Service Consultants (Pty) Ltd

The FSCA has warned the public to be cautious when conducting financial services business with QZ Assets Management Customer Service Consultants (Pty) Ltd, as it has received multiple complaints against QZ Asset Management and its multi-level marketing scheme, related to the website of QZ Asset Management China being taken down and clients of QZ Asset Management’s not being able to withdraw their funds. The FSCA has commenced an investigation into the allegations made and will inform the public on the outcome of the investigation.

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Financial Services Tribunal upholds the FSCA’s decision to remove Trustees and the Principal Officer from the PSSPF

The FSCA welcomes the ruling by the Tribunal on 9 May 2023 in favour of the FSCA’s regulatory action against trustees and the Principal Officer of the PSSPF. This ruling has far reaching implications for trustees and Principal Officers, as it confirms the powers of the FSCA to remove such officers from the boards of funds, as well as the feasibility of imposing penalties in the personal capacity of such representatives. decision.

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Powerhouse: Gerhard van Deventer – Divisional Executive of Enforcement

From its early days in the 90’s, South Africa’s financial sector conduct regulator has been home to some of the country’s most brilliant minds across the field of law, finance, policy, compliance & enforcement. One such individual has been serving the country and the industry since 1996, amassing such a wealth of knowledge and unparalleled experience along the way. Through his calm demeanor and charisma, he is one of the key collaborators who have helped to establish the Financial Sector Conduct Authority’s Enforcement Division into the formidable force we know it to be today. That man is non-other than Mr Gerhard Van-Deventer.

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The FSCA Celebrates Five-Year Milestone

Legend has it that the number five symbolises freedom, curiosity and change: a desire to have adventures and explore new possibilities with high energy and excitement. This is quite relatable, as the FSCA celebrates turning five-years old this year.

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FSCA Statement on Sustainable Finance and Programme of Work

Responsible organisations worldwide are adapting their activities and operations to ensure they are not harmful to future generations, and that they meaningfully contribute to positive economic, environmental, and social outcomes, including the United Nation’s Sustainable Development Goals (SDGs).

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The FSCA’S Strategy for promoting financial sector transformation

The FSCA recently published its final Strategy for Promoting Financial Sector Transformation, outlining its approach within the existing policy framework, including the Financial Sector Regulation Act (FSR Act) and under the future Conduct of Financial Institutions Act (COFI Act) framework.

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Culture Starts at the Top! – The FSCA, a proud sponsor of the Insurance Apprentice 2023

The culture of an organisation is the collection of values, expectations, and practices that guide and inform the actions of all employees. It’s a collection of traits that make an organisation what it is and if taken seriously, can lead to improved performance.

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The FSCA participates in Investec SA Markets Surveillance Conference - Astrid Ludin Speech

In this new feature and going forward, we will be sharing highlights of from different speeches made by our Commissioner and Deputy Commissioners at various regulatory themed conferences. The FSCA recently participated in the Investec SA Markets Surveillance Conference 2023 which was aimed at raising awareness around the importance of effective market surveillance against market abuse in financial markets.

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The secondment of Elmarie Hamman to the European Securities and Markets Authority

Elmarie Hamman is the Departmental Head for Financial Benchmarks who was recently seconded to work with the European Securities and Markets Authority (ESMA). A secondment is referred to as job rotation and is a chance for the employee to experience a different environment with a different team and in a different organisation.

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FSCA tackling the gripping statistics of unemployment

Statistics from the latest Quarterly Labour Force Survey paint a bleak picture of the current labour market, job availability and unemployment rates particularly for youth and the general populace.

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Look out for Money Smart Week 2023

The National Treasury, the Financial Sector Conduct Authority and National Consumer Financial Education Committee invite organisations to participate in MSWSA 2023 which will take place from 28 August to 3 September 2023.

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To foster a fair, efficient, and resilient financial system that supports inclusive and sustainable economic growth in South Africa.

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