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News

The Future of Finance Is Open – But Only If It Is Wisely Regulated

In an era of rapid technological advancement, financial innovations such as Open Finance are reshaping the financial sector, introducing the potential to expand access, usage, affordability, and choice of financial services, while also presenting new risks.

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Quick Read.

Inaugural FSCA Financial Customer Behaviour and Sentiment Study results

The FSCA recently published the results of its inaugural study on financial customer behavior and sentiment. The study sought to establish how customers engage with and view the financial sector in South Africa, and whether their use of financial products and services indicates that financial institutions are upholding the Treating Customers Fairly (TCF) outcomes.

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FSCA Financial Literacy Speech Competition 2023

The FSCA is thrilled to announce that the eagerly anticipated 2023 edition of the Financial Literacy Speech Competition is in full swing. From its humble beginnings as a pilot project in Gauteng back in 2016, this prestigious event has now blossomed into a national competition with profound impact on the lives of learners, teachers, and families across the country.

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FSCA Budget, Levies and Fees proposals

The FSCA recently published its budget for the 2024/2025 financial year, including estimates of expenditure.

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Tribunal decision on Mr Craig Massyn of Praesidium group

The FSCA notified the public on 5 September 2022 that it had finalised its investigation into the Praesidium group of entities.

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Powerhouse: Olano Makhubela – Divisional Executive: Market Integrity and Decision Sciences

Mr Olano Makhubela. That is a name that needs little introduction to people in regulation, given his extensive regulatory contribution, particularly in the Retirement Funds space. Recently Olano has undertaken a new venture to head up the Market Integrity and Decision Sciences division. We sat with him to get his thoughts on this move and other developments.

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Celebrating Five Years of the FSCA - Let’s talk strategy!

As part of the series on the FSCA’s fifth anniversary celebrations, this time the focus is on strategy. A strategy is a set of well-crafted initiatives undertaken by an organisation in the creation of value for both the entity and its stakeholders.

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Governance is the cornerstone of the preservation of retirement fund assets

Governance is the cornerstone of the preservation of retirement fund assets’. These are the resounding words uttered as the Financial Sector Conduct Authority (FSCA) hosted the launch of the first eleven modules of the newly revamped Trustee Training Toolkit (TTK) e-learning platform.

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Powerhouse: Charl Geel - Departmental Head: FICA Supervision Department

On 24 February 2023, the Financial Action Task Force (FATF) took the decision to include South Africa on its "grey list", thereby classifying it as a jurisdiction under increased monitoring. This decision followed the mutual evaluation report published by the FATF in 2021, in which South Africa's compliance with the FATF 40 Recommendations and the level of effectiveness of South Africa's anti-money laundering (AML) and counter-terrorist financing (CTF) systems were assessed.

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The FSCA hosts engagement with the Investment Providers Industry

The investment providers industry which comprises local and foreign managers of collective investment schemes and investment managers design products that are primarily aimed at generating returns and creating value-for-money for investors. The commitment to create value for investors is dependent on probable future market returns or performance of the investment over the medium to long term investment period.

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The FSCA publishes list of employers in arrears for Retirement Fund contributions

The FSCA has published FSCA Communication 21 of 2023 (RF) – Publication of names of employers with arrear contributions. The communication provides the names of 3262 employers that contravened section 13A of the Pension Funds Act, 1956 (PFA) which prescribes the manner in which the payment of contributions and other benefits should be made to a retirement fund.

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Withdraws of SALT Asset Management (Pty) Ltd licence

The FSCA in the past few weeks confirmed its decision to withdraw the licence of Salt Asset Management (Pty) Ltd (SAM) (Financial Services Provider Number 43878) in terms of section 9(4)(a)(ii) of the Financial Advisory and Intermediary Services Act, No. 37 of 2002 (FAIS Act), with effect from 15 September 2023.

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The FSCA’s update on Brite Advisors South Africa (Pty) Ltd

The FSCA on 30 May 2022 notified the public that it had imposed an administrative penalty of

R10 million on Brite Advisors South Africa (Pty) Ltd (Brite) (FSP No 23719). This followed an investigation that revealed that Brite, formerly known as deVere Investments South Africa (Pty) Limited, during the period 22 February 2010 to 1 August 2015, contravened various financial sector laws.

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South Africa continues a poor savings trajectory in 2023

If South Africans want to achieve considerable financial stability, which could cushion them from interest hikes, the rising cost of living and economic disruptions they will need to increase on saving attempts.

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Our Vision

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

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