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 Newsletter - March 2024
 
     
 
Trust, at the centre of the FSCA’s inaugural industry wide conference
 
The Organisation for Economic Co-operation and Development (OECD) defines trust as a person’s belief that another person or institution will act consistently with their expectations of positive behaviour.
 
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Quick Reads
 
 
     
 

Statement on Consumer Vulnerability

 

The FSCA recently published its Statement on Consumer Vulnerability (Vulnerability Statement). The FSCA is responsible for, among others, protecting financial customers and promoting financial inclusion. The Vulnerability Statement supports both these objectives and aims to galvanise thinking and actions in the financial sector to identify and address the needs of vulnerable consumers.

 

 

 

     
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FSCA Consumer Advisory Panel 

starts its work

 

The recently established FSCA Consumer Advisory Panel has officially commenced its work, setting its key strategic objectives for the financial year starting on 1 April 2024. The panel was established in November 2023 to provide independent advice and consumer-relevant perspectives to the work of the FSCA.

 

 

 

 

 

 

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Administrative sanction against Ashburton Fund Managers

 

The FSCA has imposed an administrative sanction of R16 million on Ashburton Fund Managers (Pty) Ltd (AFM) for failing to comply with certain provisions of the Financial Intelligence Centre Act, (Act No. 38 of 2001 (FIC Act). 

 

 

 

 

 

 
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Another warning against Jacobus Stephanus Geldenhuis

 

On 18 December 2023, the FSCA notified the public that it had finalised its investigation into Classic Financial Services (One) (Pty) Ltd (Classic Financial Services) and Mr Jacobus Stephanus Geldenhuis (Mr Geldenhuis). 

 

 

 

 
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12 things you need to know about the Market Integrity and Decision Sciences division
 
MIDS, we call it around the FSCA! A name that usually elicits a blank stare and a “tell me more” request from those who do not often deal with the FSCA.
 
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The Steinhoff matter: FSCA’s fines and investigations still stand

 
The Financial Sector Conduct Authority will continue efforts to recover a R475 million fine that it imposed on former Steinhoff CEO Markus Jooste, even after his death.
 
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FSCA and B-BBEE Commission enter into a Memorandum of Understanding
 

The Financial Sector Conduct Authority (FSCA) has entered into a memorandum of understanding (MoU) with the Broad-Based Black Economic Empowerment Commission (B-BBEE Commission).               

 

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Adoption of the legal entity identifier in South Africa

 
The Financial Sector Conduct Authority (FSCA) recently released a document pertaining to the importance and benefits of adopting a Legal Entity Identifier (LEI), with the goal of encouraging regulated entities to implement LEIs.
 
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The Insurance Apprentice - FSCA Case Study

 

The Financial Sector Conduct Authority (FSCA) is once again a proud sponsor of the Insurance Apprentice 2024, now in its 10th season. The competition is a reality styled series during which contestants are filmed over a one-week period.

 
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FSCA & NWU host the 3rd annual South African Financial Crime Symposium
 
The Financial Sector Conduct Authority in collaboration with the North-West University (NWU), recently hosted the third annual South African Financial Crime Symposium.     
 
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The FSCA elected chair of the Africa Pension Supervisors’ Association


The Financial Sector Conduct Authority (FSCA) is an executive member of the Africa Pension Supervisors Association (APSA). We are honoured to have been elected as chair of APSA at the Annual General Meeting held on 26 November 2023 in Kampala, Uganda.

 
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Empowering Tomorrow's Leaders: FSCA's Ongoing Commitment to Financial Literacy
 
As financial literacy is the cornerstone of personal empowerment, the FSCA’s Consumer Education Department spearheads an initiative aimed at bolstering financial literacy among tertiary students across South Africa.
 
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FSCA Enforcement Roadshows
 
The Financial Sector Conduct Authority (FSCA) recently launched the FSCA Enforcement Roadshow, an inaugural series of events that provide insight into the regulatory actions of the FSCA and provide opportunity for engagement with the financial sector and the media.  
 
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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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