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4.4 Holding the FSCA to Account

The regulatory and supervisory powers of a strong and effective market conduct authority must be counterbalanced by robust measures to ensure that these powers are used responsibly, fairly and consistently. The authority must also be held to account for efficient and effective use of its resources (particularly the levies paid by regulated institutions) to achieve […]

4.3 The FSCA’s Funding Model

The Financial Sector Levies Bill (Levies Bill) was published for public comment in the first half of 2018. Subject to Parliamentary processes, it is intended to come into operation on 1 April 2019. For the period 1 April 2018 to 31 March 2019, levies are based on the model used by the FSB in the […]

4.2 The FSCA’s Toolkit

The tools FSCA have at the FSCA’s disposal to perform or functions are a combination of statutory powers conferred on the FSCA by the FSR Act, and supervisory methods and approaches FSCA have developed based on the FSCA’s experience and international best practice. The subsections following consider the FSCA’s approach to using these regulatory, supervisory […]

4.1 Introduction NRS

The policy context and new legislative framework within which the FSCA operates presents it with an excellent opportunity to examine its overall approach to regulatory and supervisory work. This section sets out the approach that the FSCA intends to adopt in fulfilling its mandate and implementing the strategic priorities set out in the previous sections. […]

3.7 Understanding New Ways of Doing Business and Disruptive Technologies

Financial technology (FinTech) is transforming the financial services sector and presents exciting opportunities for financial customers and providers alike – innovative and flexible products and services; faster, easier, cheaper and more convenient ways of doing business; greater customization to individual customer needs; improved access to the financial system for both customers and providers; speed to […]

3.6 Strengthening the Efficiency and Integrity of the Financial Markets

The FSCA is committed to strengthening oversight of financial market efficiency and integrity through a number of key projects. The key projects are considered in the subsections following. A. Changing the market infrastructure regulatory landscape – review of the Financial Markets Act The National Treasury has instituted an inter-agency committee, the Financial Markets Implementation Committee, […]

3.5 Informed Financial Customers

Under the specific objectives of the FSCA as set out in the FSR Act,36 in addition to promoting fair treatment of financial customers, the consumer protection element of the FSCA’s mandate requires it to provide financial customers and potential financial customers (including small businesses) with financial education programmes, and promote financial literacy and the ability […]

3.4 A Robust Regulatory Framework that Promotes Fair Customer Treatment

The FSCA’s predecessor, the FSB, launched its outcomes-based customer protection initiative, Treating Customers Fairly (TCF), with the publication of its TCF Roadmap in March 2011. The TCF Roadmap was published shortly after National Treasury announced its plans to move to a Twin Peaks model, highlighting the TCF initiative as an important step in strengthening market […]

3.3 An Inclusive and Transformed Financial Sector

The overarching statutory objects of the FSR Act include the establishment of a supervisory and regulatory framework that promotes financial inclusion and transformation of the financial sector. The FSCA’s commitment to financial inclusion and transformation is supported by the FSCA’s organisational structure, with a dedicated team within the FSCA’s Regulatory Policy Division tasked with ongoing […]

3.2 Building a New Organisation

The FSCA’s organisational design, skills, and infrastructure must be fit for purpose to optimally support its functions – including the new functions and approach. Building on recommendations and transition plans developed by the FSB, the FSCA has introduced an organisational redesign and capacity building programme to ensure a smooth transition from the FSB to the […]