As we end the first quarter of the 2021/22 financial year, we take stock of the strides we’ve made in what has been an unprecedented operating environment. COVID-19 has impacted businesses in all sectors, and as you’ve been navigating how to respond to the changes, we too have been finding new ways to keep in step – if not ahead – of those changes, and ensure that our regulatory responses keep customers protected.

One of the areas we’ve focused on in this quarter include banking, as the Conduct Standard for Banks reaches its all-important first year milestone. We chat to the Head of Banks and Payment Providers at the FSCA, Sindiswa Makhubalo, about this.

Something else that’s been very topical for a while now is the activity around Crypto Assets. The IFWG, of which the FSCA is a part, has published a Position Paper on cryptos, which confirms that these assets will be brought into the South African regulatory purview in a phased and structured manner. It essentially provides a roadmap for putting in place a framework for regulating crypto assets in South Africa.

Also covered in this issue is the recent appointment of the first Ombud Council Board and a Chief Ombud for the Council, by Finance Minister Tito Mboweni, giving effect to the new financial Ombud system in terms of the Financial Sector Regulation Act (FSR Act). The Ombud Council will assist in ensuring that financial customers have access to, and are able to use affordable, effective, independent and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services and services provided by financial infrastructures.

We have all this and more prepared for you in this issue. And as always, we welcome your feedback so do get in touch!


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