The FSB is an independent body that supervises and regulates the non-banking financial services industry in South Africa. The non-banking financial services industry includes retirement funds, short-term & long-term insurance, companies, funeral insurance, schemes, collective investment schemes (unit trusts and stock market) and financial advisors and brokers. The FSB monitors these entities and is responsible for ensuring that they comply with the relevant regulation.
The FSB’s aim is to “To promote and maintain a sound financial investment environment in South Africa” by ensuring fair treatment of consumers of financial services and products; financial soundness of financial institutions; systemic stability of financial services industries; and integrity of financial markets and institutions.
The FSB continually works towards instituting sound regulatory frameworks in the financial industry. Its mandate is to:
Masthead has a long-standing, collaborative working relationship with the FSB. This relationship was established on years of interacting with the FSB through discussion and input on regulatory matters and our ability to harness constructive and accurate feedback from the IFA market.
“The FSB has valued your participation and input into regulatory and compliance issues and hope that you will continue to actively engage on issues important to advisors into the future as we move towards market conduct supervision.”
– Caroline da Silva (Deputy Executive Officer: FAIS at the Financial Services Board)