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1999streport

South Africa's Decentralised Finance (DeFi) market is still in its early stages but is steadily expanding, according to a recent study published by the Financial Sector Conduct Authority (FSCA). The FSCA's DeFi Market Study aims to enhance the Authority's understanding of DeFi-related activities in the country, providing valuable insights into the opportunities and risks associated with this emerging financial technology.

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Retirement fund administrators estimate the two-pot system will add R300 million a year to the cost of administering funds, says FSCA deputy commissioner Astrid Ludin. The FSCA, the Pension Funds Adjudicator, and National Treasury on Tuesday briefed the National Assembly’s Standing Committee on Finance on the implementation of the two-pot system and arrear contributions.

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The latest list names employers that were allegedly non-compliant with section 13A of the Pension Funds Act (PFA) at the end of December 2023. The 109-page document names about 2 800 entities, which are listed according to the period for which the outstanding contributions are due, from longest to shortest.

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The 2023/24 Integrated Report of the Financial Sector Conduct Authority (FSCA) has been successfully tabled in Parliament. The report gives an overview of the FSCA’s performance, covering the period from 1 April 2023 to 31 March 2024. It outlines how the Authority creates and preserves value over the short, medium and long term, providing detailed operational and governance information, including the FSCA’s strategic and financial performance.

Click here​ to read full report.

The FSCA has published a “best practice” guidance on how retirement funds should apply the two-pot retirement system to defined-benefit (DB) members, or to defined-contribution (DC) members who have a DB underpin at retirement.

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Read Communication 27 RF of 2024​

National Treasury, the Financial Sector Conduct Authority (FSCA) and the National Consumer Financial Education Committee (NCFEC) has called on organisations and individuals to participate in the Money Smart Week South Africa (MSWSA) 2024 campaign. The 2024 edition of MSWSA will run from 26 August to 1 September 2024, featuring various consumer-focused financial education programmes and initiatives.

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The Financial Sector Conduct Authority (FSCA) is using Youth Month as an opportunity to caution young people about the dangers of gambling. The FSCA emphasizes that gambling can lead to addiction and have devastating financial consequences for families. Read More​

The FSCA has published a list of employers in arrears for retirement fund contributions. The communication provides the names of 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. ​Read More​

The Financial Sector Conduct Authority (FSCA) has noted various statements in the media by certain institutions indicating they are the first or only institutions currently licensed as crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002.

For completeness, the FSCA wishes to clarify and confirm that it has, to date, approved a total of 75 institutions to be licensed as CASPs. The full list of currently licensed CASPs may be accessed on the FSCA’s website at this link: Approved list of crypto asset serviceproviders​. ​​

Click here​ to read press release

In 2022, the Financial Sector Conduct Authority (FSCA) published the Discussion Paper on a Framework for Unclaimed Financial Assets in South Africa (the Discussion Paper) and invited public comment on it. This response report summarises the comments received, sets out the FSCA’s response to key themes and outlines the FSCA’s next steps for advancing the recommendations outlined in the Discussion Paper.​

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The Financial Sector Conduct Authority (FSCA)'s newly established 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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The Financial Sector Conduct Authority (FSCA) and the Broad-Based Black Economic Empowerment Commission (B-BBEE Commission) today entered into a Memorandum of Understanding (MoU). The MoU supports strengthened cooperation and collaboration between the FSCA and the B-BBEE Commission, in the interests of promoting transformation of the Financial Sector and advancing transformation of the South African economy.

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The Financial Sector Conduct Authority (FSCA) said on Wednesday that it has issued Ashburton Fund Managers (Ashburton) with an administrative penalty of R16 million for shortcomings in its administrative compliance responsibilities related to the Financial Intelligence Centre (FIC) Act.

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The Financial Sector Conduct Authority (FSCA) has published the findings of a Crypto Market Study, aimed at assisting the FSCA to better understand crypto asset related activities performed by Crypto Asset Financial Service Providers (Crypto Asset FSPs) in South Africa.

Click here to read report.​

The Financial Sector Conduct Authority (FSCA) held its 7th annual Financial Literacy Speech Competition (FLSC) at the O.R. Tambo Sun International Hotel in Johannesburg on Friday,13 October 2023.

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The FSCA's Integrated Annual Report for the 2022/23 financial year is now available for download here​. ​

The Financial Sector Conduct Authority (FSCA) has launched the first eleven modules of the newly revamped Trustee Training Toolkit (TTK/toolkit) e-learning platform.

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FSCA Publishes Budget and Levies and Fees Proposals.

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FSCA warns the public against individuals impersonating the FSCA, CySEC, Prudential Authority, SARS and Ms Emily Lakovidou

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

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FSCA Press Release has been published. The press release covers the update regarding classic financial services one (Pty) Ltd (classic) investigation.

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FSCA Regulatory Actions Report has been published. The report covers the period between 1 April 2022 - 31 March 2023.

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The Financial Sector Conduct Authority (FSCA) today launched a seminal discussion paper on Unclaimed Assets which have accumulated to almost R90 billion across the financial sector, with the majority of these assets being in retirement funds. The discussion paper builds on work done by the FSCA and the National Treasury (NT) to find a solution that will lead to increased disbursements of unclaimed assets to beneficial owners.

FSCA Commissioner, Mr Unathi Kamlana, says work is continuing to establish the true value of unclaimed assets in the sector, given that these assets are held by various financial institutions, and not only by retirement funds. He says one big hinderance to disbursing these funds is the lack of a common understanding of what constitutes dormant or unclaimed assets, and the lack of reliable data.

“We recognise that good progress has been made, but as the FSCA we remain concerned because ultimately we have to consider whether the customers, and beneficiaries in this case, are being treated fairly. It is quite clear that we have to improve the outcomes for customers and that’s what this paper is trying to achieve,” says Kamlana.

Dealing with unclaimed assets is a complex task, with many moving parts across different sectors of the economy.

​Click here to read the full Press Release...​

Click here to access the full Discussion Paper​...

​Do you know what should happen after your family member had passed on?

The surviving spouse, children, parents and heirs are directly impacted by the death of the deceased. Do you want to finalise the estate as quickly as possible?
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In South Africa, responsibility for day-to-day money management decisions has traditionally been considered the province of the household head (often the patriarch of the family). But in our modern country, financial decisions are increasingly made jointly by the family.

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​As part of on-going efforts by the FSCA to​ better understand, monitor and promote financial literacy in South Africa, the Human Sciences​ Research Council (HSRC)​has been commissioned to undertake surveys that examine financial knowledge, attitudes and behaviour among adult South Africans.

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​The Financial Sector Conduct Authority (FSCA) has registered an investigation following complaints it received against Regenesis Markets (Pty) Ltd (Regenesis Markets) with the company registration number 2018/221248/07. Regenesis is an authorised Financial Services Provider (FSP), with FSP number 49977. The complaints emanate from clients who have not received their funds from Regenesis Markets despite submitting withdrawal requests.

​Click here to read full press release...

​The Financial Sector Conduct Authority (FSCA) has imposed administrative penalties of R10 million on Brite Advisors South Africa (Pty) Ltd (FSP No 23719) (Brite) and R2.5 million on Mr Nigel James Green (Mr Green). The investigation revealed that Brite which was formerly known as deVere Investments South Africa (Pty) Limited, and deVere SA Acuma (Pty) Ltd, during the period 22 February 2010 to 1 August 2015 contravened various financial sector laws.

The FSCA after having considered representations from Brite decided to impose an administrative penalty of R10 million in terms of section 167(1)(a) of the Financial Sector Regulation Act No.9 of 2017 (the FSR Act) alternatively, section 6A of the Financial Institutions (Protection of Funds) Act, No. 28 of 2001 (FI Act) and withdraws Brite’s FSP licence, under FSP No. 23719 (Category I and II) in terms of section 9(1) of the Financial Advisory and Intermediary Services Act No. 37 of 2002 (the FAIS Act).

​Click here to read the full press release...

​It has been brought to the attention of the Financial Sector Conduct Authority (FSCA) by Gaia Fund Managers (FSP46028) and Gaia Venture Capital (FSP48515) (herein referred to as Gaia) that some individuals have been using Gaia’s information to misrepresent the group and commit fraudulent activities on social media. It is stated that the individuals initially promoted their activities through Facebook, but soon started using personal and proprietary information from Gaia and its team members.

Click here to read the full press release...​

​Fraud continues to pose the risk of serious financial losses for banking customers. All indicators are pointing towards the fact that there are new scams and an increasing number of the victims, warns Reana Steyn, the Ombudsman for Banking Services (OBS).

Click here to read the full media release...​

​The Intergovernmental Fintech Working Group (IFWG) has today, through the Crypto Assets Regulatory Working Group (CAR WG), published a position paper on crypto assets. The paper confirms that crypto assets will be brought into the South African regulatory purview in a phased and structured manner.

Click here to see the full press release: https://www.ifwg.co.za/press-releases/

You can further explore the IFWG Innovation Hub website at https://www.ifwg.co.za/

​The Financial Sector Conduct Authority (FSCA) Shortlisting Panel invites the public to submit comments, if any, on two candidates it intends to recommend to the Minister of Finance (Minister) for consideration for appointment to the positions of Deputy Commissioners of the FSCA.

The FSCA was established in 2018 in terms of section 56 (1) of the Financial Sector Regulation (FSR) Act, as a new regulator for market conduct and the fair treatment of customers in the financial sector. It also aims to enhance and support the efficiency and integrity of financial markets, and assist in maintaining financial stability. In pursuit of its mandate, the FSCA is legally required to act without any fear, favour or prejudice. The Shortlisting Panel was established in terms of Regulation 9 (1) of the Financial Sector Regulations made in terms of the FSR Act, and commenced its work on 16 September 2020.

Click here to read the full public comments invitation​

Supervisory Technologies (Suptech) has become a key capability underpinning how regulators supervise Financial Institutions owing in response to the emergence of Financial Technologies (Fintech). Suptech entails the use of innovative technology by supervisory agencies to support supervision. Suptech technology is playing a big role in enabling regulators to supervise and manage risk better.

The aim of the report to is to unpack the increasing use of Suptech tools to support supervision and risk management, as well as identify the benefits in using Suptech tools and challenges in rolling out these tools in South Africa.

Suptech has grown in prominence. There are key benefits such as enhance effectiveness, reduce costs, Improved consumer outcomes and bringing in of larger share of financial sector under supervision to be derived from the use of Suptech. However, there are also challenges ranging from, finding the right talent, funding or budgetary constraints, data quality issues and operational risks.

To address some of the challenges the paper proposes a variety of best practices including; Hackathons, Internal innovation offices, and partnerships to attract innovators and fast-track Suptech efforts, around high impact use-cases. Ultimate success will depend on resources, digital ambition, partnerships, and operating model.

Click the link below to read the full report

How Suptech can empower Regulators.pdf

The Financial Sector Conduct Authority (FSCA) Shortlisting Panel invites members of the public to submit comments, if any, on two candidates it intends to recommend to the Minister of Finance (“Minister”) for consideration for appointment to the position of Commissioner of the FSCA.

The FSCA was established in 2018 in terms of section 56 (1) of the Financial Sector Regulation (FSR) Act, as a new regulator for market conduct and the fair treatment of customers in the financial sector. It also aims to enhance and support the efficiency and integrity of financial markets, and assist in maintaining financial stability. In pursuit of its mandate, the FSCA is legally required to act without any fear, favour or prejudice.

The Shortlisting Panel was established in terms of Regulation 9 (1) of the Financial Sector Regulations in terms of the FSR Act, and commenced its work on 16 September 2020. It conducted interviews on 21 November 2020, with 5 candidates shortlisted from a list of 90 applications.

Click here to read the full public comments invitation

​Today the Financial Sector Conduct Authority (FSCA) published its research report and consultation paper on Open Finance.

Open Finance is built on the principle of consumers owning the data that they create on financial service providers’ (FSPs) platforms and having the right to share that data with other FSPs should they consent. Open Finance is thus a framework to allow consumers and companies to access and share their financial data with third-party providers who can then use that data to develop innovative products, provided there is explicit and informed customer consent.

The aim of the report to is to identify the benefits and risks in the implementation of Open Finance in South Africa. These benefits range from personalised products and services for consumers, specialisation, ecosystem orchestration, and alternative revenue streams for financial service providers, and access to customer financial data not previously accessible for third party providers.

These benefits are accompanied by risks such as data privacy and data misuse, as well as the cost associated with framework development and a need for interoperability.

To address some of these risks the paper has made recommendations around ensuring (1) informed consent and customer protection, (2) adequate dispute mechanism for parties involved (3) Open API standards, (4) Commercial models, and (5) Data protection. These recommendations to are to inform licensing requirements around Open Finance and set the tone for risk-based supervision and enforcement.

Click here to see the full report...

​Today the Financial Sector Conduct Authority (FSCA) published its research report on the impact of Non-traditional (Alternative) Data on the provision of financial services in South Africa.

Alternative data has grown in prominence in South Africa and is increasingly being used by Fintechs and traditional financial institutions in serving customers. Data points like social site postings, digital footprint, online transactions, photo albums, sentiment and behavioural data, and group chats are increasingly being used to gauge consumer preferences and provide them with personalised offerings.

Click here to see the full press release...

Click here to see the full report...

NGOs lose bid for interdict against FSCA recruitment process, with judge saying that transparency is not a one-size-fits-all concept.

They had also asked the court to have the regulations covering the selection process — which have been amended twice, mostly recently in August — reviewed. But in a decision handed down in the High Court in Pretoria on Tuesday, Judge Elmarie van der Schyff said there were not sufficient grounds to prove the urgency of the matter brought by NGOs Open Secrets and the Unpaid Benefits Campaign (UBC). The FSCA is a critical watchdog overseeing the conduct of financial institutions. The decision by the court suggests that the long-delayed recruitment process can now go ahead. Inter alia, the judge said that “transparency should not be regarded as a one-size-fits-all concept”. The respondents had explained, she noted, that “candidates might be hesitant to apply if they know that their identities will be revealed prior to final recommendations being made due to the competitiveness of the industry and the fact that candidates are employed in senior positions.” She pointed out that shortlisting candidates for any position “is a sensitive and confidential process that exposes individuals to public scrutiny. This invasion of privacy should not occur without a strong case ... justifying it.”

0001 FINAL Open Secrets v Minister of Finance 17112020 (1) 2020-11-17.pdf

​The IFWG Crypto Assets Regulatory Working Group has today released a Position Paper on Crypto Assets, which provides specific recommendations for the development of a regulatory framework for crypto assets in South Africa.

Click here to see the full press release: https://www.ifwg.co.za/wp-content/uploads/IFWG_Position_Paper_on_Crypto_Assets.pdf

Click here to see the full report: https://www.ifwg.co.za/wp-content/uploads/IFWG_CAR_WG-Position_Paper_on_Crypto_Assets.pdf

You can further explore the IFWG Innovation Hub website at https://www.ifwg.co.za/

​South Africa’s financial regulators today launched the Intergovernmental Fintech Working Group (IFWG) Innovation Hub to respond to changes in the financial sector driven by financial technology (fintech) and to promote responsible innovation in the sector. The Innovation Hub is intended to support the sector in introducing innovations that complement the core mandates of regulators, including financial stability and soundness; consumer protection; financial inclusion; and fair lending practices.

Click here to see the full statement...

​National Treasury (NT), the South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA) have released the Financial Markets Review (final report), which provides recommendations for conduct practices in domestic over-the-counter fixed income, currency, commodities and derivatives financial markets. The final report follows an intensive consultation period that started in September 2018.

Click here to read the Joint Statement - Financial Markets Review (final report) 2020

Click here to read the Financial Markets Review (final report) 2020

Today, the Intergovernmental Fintech Working Group (IFWG) publishes a report highlighting discussions held during its financial technology (fintech) workshops in 2019.

The IFWG hosted its inaugural workshop during April 2018 with the market outreach signalling that regulators took note of the importance of fintech innovation and its potential benefits to South Africa. The 2018 post-workshop report highlighted two key outcomes, namely: further workshops going forward and an innovation policy framework, aside from the ongoing crypto asset policy work and accompanying workshops.

Click here to read the IFWG Workshop Report 2019

​Today the Intergovernmental Fintech Working Group (IFWG) published its first Fintech Landscaping Report.

Fintech is technology-enabled financial innovation which can lead to new business models, applications, processes and products, and is transforming the financial services sector globally. Fintech has the potential to reduce costs and frictions, increase efficiency and competition, narrow information asymmetry, as well as broaden access and be an enabler for financial inclusion.

Click here to view the full Intergovernmental Fintech working group publishes research on the Fintech startup sector report...

Click here to view the press release...

The Financial Sector Conduct Authority (FSCA) has released a guidance note on the compliance with the continuous professional development ("CPD") requirements for Financial Services Providers (FSPs), key individuals (KIs) and representatives. This note gives more clarity on the CPD requirements following the exemption granted by the FSCA on 1 June 2019, exempting FSPs, KIs and representatives from these requirements for the 2018 CPD cycle until 21 July 2019.

The CPD requirements, as set out set out in Chapter 4 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017), ensure that FSPs, KIs and representatives maintain their competence and continuously improve their knowledge, skills and abilities in a changing and dynamic environment.. These requirements would run over a 12-month cycle, from 1 June every year to 31 May of the following.

Additionally, section 12 of the Fit and Proper Requirements (FPR) set overarching principle-based competence requirements that always need to be complied with, including putting the correct mechanisms in place to evaluate and monitor this required competence. Section 13 of the FPR also imposes responsibilities on FSPs to put in place adequate policies, controls and monitoring processes and systems that ensure compliance with section 12. A record of compliance with these two sections and competence register showing all qualifications, completed regulatory examinations, product training and CPD of the FSP, its KIs and representatives are further discussed in section 13 of the FPR.

FSCA Press Release - Guidance note on requirements for Continuous Professional Development - 07 June 2019

FSCA COMMUNICATION 2 OF 2019 (FAIS)

Wednesday, 16 January 2019: The Financial Intelligence Centre (FIC), Financial Sector Conduct Authority (FSCA), National Treasury (NT), South African Revenue Service (SARS) and the South African Reserve Bank (SARB) this week released a consultation paper on crypto assets.

Commonly referred to as crypto currencies, crypto assets are digital representations or tokens that are accessed, verified, transacted and traded electronically by a community of users.

An initial public statement on crypto assets was issued by South African authorities in 2014. Their statement warned members of the public about the risks associated with the use of crypto assets for the purpose of transacting or investing, and advised users to take extreme caution in this regard. The statement further noted that no specific legislation or regulation existed on the use of crypto assets. Therefore, no legal protection or recourse was offered to users of, or investors in, crypto assets.

Joint media statement - crypto assets consultation paper

CAR WG - Consultation paper on crypto assets

National Treasury and the Financial Sector Conduct Authority (FSCA) today publish for public comment a diagnostic study prepared by the World Bank aimed at ensuring fairer bank practises in South Africa. The report is titled "South Africa Retail Banking Diagnostic: Treating Customers Fairly in relation to Transactional Accounts and Fixed Deposits".

This study represents the first step in improving market conduct practices in the banking sector, to ensure that bank customers are treated more fairly than in the past. The study was commissioned by National Treasury to provide independent research on identifying the extent to which banks treat their retail customers fairly in relation to transactional and fixed deposit accounts. The findings should not be seen as applying to any specific bank or all banks equally. The treatment of customers varies from one bank to another as well as by product offering.

SA Retail Banking Diagnostic Report

Achieving Effective Financial Inclusion in South Africa

Media Statement on the retail banking diagnostic for South Africa

The South Africa's financial sector authorities (National Treasury, the South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA)) are pleased to release for public comment a draft report titled '2018 Financial Markets Review'. The report reviews South African over-the-counter fixed income, currency, commodities and derivatives markets.

In February 2017 the then Minister of Finance announced that a review focusing on conduct practices in wholesale financial markets would be undertaken in 2017. South Africa's financial sector authorities established the Financial Markets Review Committee (FMRC) under the leadership of former SARB Senior Deputy Governor James Cross to conduct this review.

2018 Financial Markets Review

Joint Media Release - Financial Market Review 2018

• Retail Distribution Review June 2018: Discussion Document on Investment Related Matters - This Discussion Document focuses on the impact of certain of the initial RDR proposals on the investments sector and provides an opportunity for comment.
• Retail Distribution Review: Discussion Document on Investment Related Matters Comments Template
• FSCA Press Release - RDR 02-07-2018 - Issued 02 July 2018

Read About Treating Customers Fairly...