Researchers and Media Professionals

The FSCA conducts research to, among others, keep abreast of developments and trends, measure the effectiveness of regulation and supervision, and ensure alignment with international best practice.

The ensuing research reports are published on this website and made available to the public, researchers and media.

Thought leadership articles, press releases, survey results and statistics, discussion papers, podcasts, webinars, broadcasts and newsletters are also available.

The FSCA regularly hosts media roundtables and events that provide opportunities for informative conversation and discussion.

Thought Leadership and Research

The FSCA publishes various thought leadership articles and study findings that provide insight and perspectives that are of interest to the financial sector.

FSCA publishes its Regulatory Strategy for 2025 - 2028

The Financial Sector Conduct Authority (FSCA) has released its Regulatory Strategy for 2025 – 2028, outlining its strategic direction for the next three years. The strategy reflects the Authority’s ongoing commitment to fostering a financial sector that delivers better outcomes for customers while maintaining a proactive, responsive, and forward-looking regulatory approach.Click here to read the full Regulatory Strategy

RF Talks - Q4

The retirement funds industry continues to navigate a dynamic regulatory landscape, requiring stakeholders to remain informed and responsive. In this edition of RF Talks, we provide key updates on regulatory developments, industry trends and legal matters.Click here to read newsletter

FSCA Sustainable Finance Update Report 2025

This document provides an update on the FSCA’s programme of work relating to sustainable finance.It follows the publication of the 2023 Statement on Sustainable Finance and 2024 Sustainable Finance Consumer Risk Report and Roadmap.Click here to read report

The Complaints Management Industry Review

The FSCA Complaints Management Industry Review Report 2025 presents the findings of research conducted by the FSCA to assess the complaints management practices of the above-mentioned financial institutions in South Africa.The review focused on assessing the effectiveness, timeliness, and accessibility of complaints handling by the aforementioned financial institutions. The reason for assessing these, is to:establish a baseline for complaints management across the financial sector;test the consumer experience with complaints management in the financial sector;draw on existing information to map complaints management practices and drive consistent outcomes across the financial sector.Click here to read report

2023 Pensions Statistical Report

The purpose of this retirement funds statistical report is to provide stakeholders with an overview of the aggregate data for the retirement funds industry as well as focusing on a few key trends and benchmarks. These trends include, inter alia, assets, membership, contributions, benefits, costs, and investment returns. Transformation data has also been included in this report.Retirement funds in South Africa comprise pension funds, provident funds, retirement annuity funds and preservation funds (unclaimed and beneficiary funds).Read more

FSCA 2025 Industry-Wide Conference - Commissioner's opening address

Introduction and welcome It’s an immense privilege for me to welcome you to the 2025 FSCA Annual Industry Conference. It’s truly great to have you here and in great numbers. So a very very warm welcome to you. At just two years, this event is fast becoming the premier platform for the exchange of ideas, and certainly a critical platform for dialogue on financial sector regulation broadly and conduct regulation in particular. Read more

IP Sustainable Finance Survey Report

The FSCA Investment Providers (IP) Department conducted a survey to assess whether investment providers are adequately prepared to integrate sustainable finance and ESG investing considerations into their investment strategies.This report, the Investment Providers Sustainable Finance Survey Report, summarises the findings of the survey. The report is structured according to the focus elements of the survey, namely:• Governance• Operations and products• Risk and disclosureThe report provides insights into the current state of the industry and identifies focus areas for the FSCA to promote more sustainable and responsible investment (RI) practices in alignment with our Sustainable Finance Roadmap and Consumer Risk report which was published in March 2024 and provides an update on the FSCA’s Programme of Work concerning Sustainable Finance.Read Report

Banking Sector Complaints Management - Review Report 2025

The FSCA conducted a desktop review in terms of section 131 of the FSR Act, to assess the ability of banks to consistently deliver on fair customer outcomes as it relates to complaints handling, and also assess the extent of banks’ adherence to the relevant principles in section 8 of Conduct Standard 3 of 2020 (Conduct Standard for Banks).This report presents the findings of the desktop review, which was conducted between 18 July 2022 and 17 November 2022, and the recommendations that were made as a result.Read report

FSCA eNewsletter - 23 December 2024

The year 2024 saw several regulatory developments under the stewardship of the FSCA. One of the more pressing concerns addressed this year was the issue of pension arrears. In a climate of increasing financial strain for many South Africans, the FSCA turned its attention to the long-running issue of delayed pension payments, ramping up enforcement efforts to ensure compliance with pension regulations.While progress has been made, particularly in pushing for greater transparency and improved governance within pension schemes, some challenges remain for the sector to fully align with best practices.Click here to read more

Commissioner's Keynote Address - National Financial Literacy Speech Competition

You know I attend a lot of functions and do a lot of speaking in my job as Commissioner of the FSCA – but I must tell you nothing quite compares to attending the National Schools Financial Literacy Competition. There is something truly special about this event. It’s always an honor for me to be part of the event and celebrations of the finals of the National Financial Literacy Competition. This year is no different. I think that deserves a special round of applause.Click here to read more

FSCA eNewsletter - 30 September 2024

It has been a significant quarter for the FSCA as we elevated the conversation on financial education in South Africa, with the launch of our inaugural financial education summit. The event brought together key decision makers to discuss commitments that need to be made in advancing this all-important effort. This will culminate in the signing of an industry charter on financial education next year.Click here to read more

RF Talks - Q2 2024

Welcome to this quarter’s edition of RF Talks. In this issue, we focus on key regulatory developments and important insights shaping the retirement funds industry.We begin with a comprehensive review of the readiness of the industry for the Two-Pot System, providing a detailed assessment of the progress made since its implementation. This is followed by updates on the necessary rule amendments and fees associated with the Two-Component System, offering critical guidance for trustees and administrators.Click here to download RF Talks

Commissioner's Keynote Address - Financial Education Summit_28 August 2024

It’s a real pleasure to welcome you all to our very first Financial Consumer Education Summit.I’m delighted to see so many leaders from financial institutions, industry bodies, government, and other key players gathered here today. Your presence here attests to our shared commitment of empowering South Africans through financial education. In fact, just by coming together like this, we’ve already made progress—showing that we, as leaders in the sector, are committed to this important cause, of “Creating accessible financial education for all in South Africa.”Click here to read more

Public lecture by Unathi Kamlana, Commissioner of the FSCA, at the North-West University

It’s a real honour for me to address you this morning. Let me thank Professor Chitimira and the University’s Law Faculty for inviting me. At the Financial Sector Conduct Authority (FSCA), we always look forward to engaging and sharing insights on what we see in the evolution of the financial sector, how we think about the challenges and opportunities in the sector, and certainly how we understand our role as a regulator in navigating and responding to those dynamics. Click here to read more

RF Talks - Q1 2024

Welcome to the latest edition of RF Talks. We are proud to share another comprehensive issue with you and hope that you enjoy the contents thereof. As always, our goal is to keep you informed about the latest trends, insights and regulatory updates in the retirement funds industry. To achieve this goal, we have curated a diverse range of articles that address both the opportunities and challenges within our sector.Click here to download RF Talks

Keynote address by Unathi Kamlana at the Banking Association of South Africa (BASA)'s Banking on Ethics Conference

Keynote address by Unathi Kamlana, Commissioner of the Financial Sector Conduct Authority (FSCA), at the Banking Association of South Africa (BASA)'S Banking on Ethics Conference.Click here to read

RF Talks - Issue 1

Read the first issue of RF Talks, a publication centred around topical local and international retirement funds regulatory developments. Read here

FSCA Releases findings of Crypto Assets Market Study

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.

Going beyond the headlines to grasp the financial inclusion landscape

SA’s financial sector has made astounding inroads in delivering access to customers, but rich opportunity still awaits those institutions that are prepared to look beyond the headlines. Click here to read the full article

FSCA Retail Financial Customer Behaviour and Sentiment Study results

The FSCA has 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.To access the report click here:

The Financial Sector Conduct Authority Publishes its South African draft position paper on open finance

The Financial Sector Conduct Authority (FSCA) has published its draft position paper on Open Finance. The paper communicates the Authority’s proposed policy position on Open Finance and provides recommendations in respect of how to optimize available opportunities, whilst also managing and mitigating risks faced by consumers. Open Finance and Data Probability can be valuable financial innovations, supporting financial inclusion and the financial resilience of customers, as well as promoting competition by enabling new market entrants to compete fairly with incumbents.To access the paper click here

Transformation is much more than a tick-box exercise

A fully inclusive and transformed financial sector remains a prerequisite for achieving a dynamic, thriving and transformed economy. Recent developments in relation to the government’s procurement rules caused some to call SA’s policy on transformation into question.Click here to read the full article...

FCSA`s paper offers a framework for tackling problem of unclaimed assets

The Financial Sector Conduct Authority (FSCA) has released a discussion paper on a proposed framework for unclaimed assets in SA. The paper is intended to progress the debate on how to effectively tackle the challenge of unclaimed asses in the sector, uniting the assets with their rightfull owners.Click here to read the full article...

How to budget your way to better financial health

IT'S NO secret that times are tough right now, and too many of us are battling to make end meet.Click here to read the full article

Unpacking how Debarments are carried out by the FSCA

The Financial Advisory and Intermediaries department at the FSCA is responsible for supervising the business conduct of entities licensed to provide financial advice; and entities authorised for product sales and execution on a non-advice basis, where the entity is not is not authorised for the actual issue of the products concerned. This team follows a risk-based classification informed by the different adviser competency requirements being implemented through amendments to the FAIS fit and proper standards. The team is also responsible for dealing with debarments of natural persons in terms of section 153 of the FSR Act, i.e., debarments by the Authority.At a recent FSCA FAIS Webinar session, spearheaded by the Financial Advisory and Intermediaries department, Charene Nortier had a detailed discussion with Tshepo Mogale on how Debarments are carried out by the FSCA in terms of Section 153 of the FSR Act.Click here to read the full article...

Curatorship, Statutory Management and Fees

Since 2017, the Financial Sector Conduct Authority (FSCA) has placed at least four retirement funds under curatorship. Some of the curators were appointed in terms of section 5(10) of the Financial Institutions (Protection of Funds) Act, 2001 (“FI Act”), which is by agreement with the retirement fund and without the intervention of a court.Click here to read the full article...

The FSCA’s Update on Unclaimed Benefits

The FSCA recently held a media roundtable to give an update on regulatory developments in the Retirement Funds environment. The Divisional Executive of Retirement Funds, Mr Olano Makhubela and his team proceeded to cover a myriad of topics such as the impact of Covid-19 on retirement funds; curatorships and statutory management; sustainable financing; fund governance enhancement and Directive 8; unclaimed benefits and the Central Unclaimed Benefits Fund. Of particular interest during the session was the update on unclaimed benefits.Click here to read the full article...

How the Conduct Standard for Banks has elevated the Fair treatment of Customers

How fast a year goes by! This certainly rings true in the case of the Conduct Standard for Banks, which will soon reach its first-year milestone, since being promulgated in July 2020. The Conduct Standard was born out of the FSCA's explicit mandate of regulating and supervising banks. In order for this to be meaningfully executed, there was a need for an enforceable market conduct regulatory framework against which the Authority could measure conduct across the sector. At its core the Conduct Standard is in tune with the objective of the Financial Sector Regulation Act (FSR Act), particularly the mandate of the FSCA, which is to protect financial customers and promote their fair treatment. This has been executed by effectively balancing the principles-based and rules-based requirements, ensuring that banks deliver fair customer outcomes in a manner that is disciplined, transparent and consistent.Click here to read the full article...

The FSCA and cybercrime

The digital age is characterised by rapid change and the introduction of pioneering solutions that have the power to make a real difference. Unfortunately, with these innovative solutions comes increased exposure to cybercrime — a fact many South Africans are intimately familiar with, given that more than nine attempted attacks take place every second.The truth is that no individual or business is immune to the possibility of an attack. Addressing this risk and the catastrophic consequences that come from it requires an intensive approach, something we as the Financial Sector Conduct Authority (FSCA) are aware of, take seriously and are investing in. As the authority responsible for regulating the way SA financial firms conduct themselves, we are required to stay ahead of the curve.Clickhere to read the full article...

COVID-19 triggers quick innovation, disruption, and re-invention in financial services sector

Innovation has always propelled the financial services sector forward. Previously, incumbents were at the forefront of innovation in the sector and new entrants played a peripheral role. However, the Covid-19 pandemic has driven significant shifts towards digital adoption, catapulting upstart fintech firms into the mainstream.Incumbents have been forced to re-invent themselves to adapt, remain relevant and gain the ability to rapidly deploy digitised services to their customers. They have also needed to find innovative ways to help their customers adapt to rapid and widespread change that has led to financial constraints for many South Africans. Click on the link below to read the full article...FSCA Fintech Innovation August 2020.pdf

The changing nature of financial advice: Trends impacting how financial services providers could be regulated

South Africa’s financial services sector is fast-paced and enjoys rapid change when necessary. This pace was further accelerated for both financial services providers and those regulating them during COVID-19 as the pandemic emphasised the importance of having the ability to not only adapt and respond but to also study the emerging trends driving the need for agility.“The operational resilience of the financial sector was put to the test through COVID-19 and the sector responded impressively,” says Caroline da Silva, Divisional Executive of Regulatory Policy at the Financial Sector Conduct Authority (FSCA).Click on the link below to read the full article...FSCA Trends regulating FSPs article - 29 October 2020.pdf

How specialist support in the FSCA is finding new and better ways to supervise conduct in the sector

The global COVID-19 pandemic has led to widespread change in the way people live and work – and has caused significant disruption to the face of entire industries. The financial sector is no exception. This has made it critical for market conduct regulators globally to identify those trends that will continue to shift the way they regulate these entities.This is particularly relevant when it comes to the specialist support department in the Financial Sector Conduct Authority (FSCA), which looks at areas such as the research and analysis of business models and products, disclosure, advertising and marketing, and competency frameworks Click on the link below to read the full article...FSCA trends - specialist support trends_ 19Nov2020_FA.pdf

Trends that will impact regulation in banking and payments

We live in a rapidly changing world, with the pace of change accelerated by the COVID-19 pandemic. Worldwide, people have had to adjust to working, learning and transacting online, virtually overnight. Banking and payments is one of the areas where this shift was most apparent, causing banks and the bodies that regulate them to adapt equally rapidly.This makes it critical to look at the trends that have emerged since the start of the pandemic and predict how they will continue to impact and drive change in the sector and how it's regulated. Perhaps the most significant trend that has affected banking and payments, in particular, was the acceleration of the move to digital financial services. Click on the link below to read the full article...FSCA banking and payments regulation trends_19 Nov2020_FA.pdf

Regulation in the time of COVID-19 and beyond: trends impacting retirement funds

The retirement funds sector in South Africa has seen significant change in the past few years – with the focus largely on stronger regulation to protect the interests of members. There can be little doubt that the global COVID-19 pandemic, which has posed both a health and economic crisis globally, has also had an impact on the industry.Click on the link below to read the full article...FSCA trends retirement funds_4Nov2020_FA.pdf

Reports

2023 fsca 3-year regulation plan

2023 Pensions Statistical Report

2024 FSCA 3-year Regulation Plan

Banking Sector Complaints Management_Review Report

Complaints Management Industry Review Report

Crypto Market Study

Draft Position Paper on Open Finance

FSCA Regulation Plan_1 April 2022 - 31 March 2025

FSCA Regulatory Actions Report - 28 June

FSCA Sustainable Finance Update Report 2025

FSCA THREE-YEAR ROLLING FINANCIAL EDUCATION PLAN, 2024-2027

IP Sustainable Finance Survey Report

Market Study - Decentralised Finance in South Africa

South African Retail Financial Customer Behaviour and Sentiment Report

Upcoming Events

VIEW CALENDAR

April

29th Annual Pension Lawyers Association Conference

Location: Birchwood Hotel and OR Tambo Conference Centre

Start Time: 2025-04-06 22:00

End Time: 2025-04-07 21:59

July

AIE2025 Conference

Location: Sun City Convention Centre

Start Time: 2025-07-26 22:00

End Time: 2025-07-30 21:59

October

Another event

Location: Online

Start Time: 2025-10-01 06:00

End Time: 2025-10-03 11:00

September

Another test

Location: FSCA Office

Start Time: 2025-09-01 16:00

End Time: 2025-09-03 19:00

July

Banks - Cross-Sectoral Conduct of Business Return (Omni-CBR)

Location: Microsoft Teams

Start Time: 2022-07-12 08:30

End Time: 2022-07-12 11:30

June

BATSETA Winter Conference

Location: Sun City Convention Centre, North West

Start Time: 2025-06-09 08:00

End Time: 2025-06-10 09:00

July

Batseta Winter Conference 2024

Location: Sun City, Northwest

Start Time: 2024-07-28 22:00

End Time: 2024-07-31 21:59

August

CISA Conference

Location:

Start Time: 2024-08-26 22:00

End Time: 2024-08-28 21:59

June

Competene Requirements Webinars

Location: Virtual - MS Teams

Start Time: 2023-06-30 08:00

End Time: 2023-06-30 12:00

March

Consumer Webinar - Topic: Schemes and Scams

Location: MS Teams

Start Time: 2024-03-19 13:00

End Time: 2024-03-19 14:30

June

Co-operative Financial Institutions (CFIs - Cross-Sectoral Conduct of Business Return (Omni-CBR)

Location: Microsoft Teams

Start Time: 2022-06-30 07:00

End Time: 2022-06-30 10:00

March

FAIS Webinar: Amendments to the General Code of

Location: Virtual - MS Teams

Start Time: 2023-03-27 10:00

End Time: 2023-03-27 11:00

March

FAIS Webinar: FSPs and Managing representatives

Location: Virtual - MS Teams

Start Time: 2023-03-30 10:00

End Time: 2023-03-30 11:00

September

FAIS Workshop for small and SMME FSPs

Location: Pretoria – FSCA offices, 41 Matroosberg Avenue, Ashlea, Gardens, Pretoria

Start Time: 2019-09-27 06:30

End Time: 2019-09-27 14:00

October

FAIS Workshop for small and SMME FSPs

Location: Nelspruit – venue to be advised

Start Time: 2019-10-10 06:30

End Time: 2019-10-10 14:00

October

FAIS Workshop for small and SMME FSPs

Location: Port Elizabeth – venue to be advised

Start Time: 2019-10-14 06:30

End Time: 2019-10-14 14:00

February

FAIS Workshop for Small and SMME FSPs

Location: Durban - venue to advised

Start Time: 2020-02-20 06:00

End Time: 2020-02-20 14:00

September

FAIS Workshop for small and SMME FSPs

Location: Johannesburg – Birchwood Hotel

Start Time: 2019-09-10 06:30

End Time: 2019-09-10 14:00

February

FAIS Workshop for Small and SMME FSPs

Location: Pretoria – FSCA offices 41 Matroosberg Avenue, Ashlea Gardens, Pretoria

Start Time: 2020-02-18 06:00

End Time: 2020-02-18 14:00

September

FAIS Workshop for small and SMME FSPs

Location: Premier Hotel, The Moorings, Knysna

Start Time: 2019-09-05 06:30

End Time: 2019-09-05 14:00

October

FAIS Workshop for small and SMME FSPs

Location: Pretoria – FSCA offices 41 Matroosberg Avenue, Ashlea Gardens, Pretoria

Start Time: 2019-10-15 06:30

End Time: 2019-10-15 14:00

February

FAIS Workshop for Small and SMME FSPs

Location: Cape Town - venue to be advised

Start Time: 2020-02-06 06:00

End Time: 2020-02-06 14:00

February

FAIS Workshop for Small and SMME FSPs

Location: Pretoria – FSCA offices 41 Matroosberg Avenue, Ashlea Gardens, Pretoria

Start Time: 2020-02-19 06:00

End Time: 2020-02-19 14:00

March

Financial Crime Symposium

Location: River Meadow Manor (Twin River Estates, 1 Jan Smuts Ave, Centurion, 0062).

Start Time: 2024-03-06 06:00

End Time: 2024-03-07 15:30

February