Two new authorities were created under the Financial Sector Regulations Act, i.e. the Financial Sector Conduct Authority and the Prudential Authority.
The Financial Services Board (FSB) was replaced by the Financial Sector Conduct Authority (FSCA) on 1 April 2018. This marks the formal implementation of the Twin Peaks model for the financial sector. The FSCA’s objective is to protect financial customers by promoting fair treatment, enhancing the integrity of the financial markets and assist in maintaining financial stability. The Prudential Authority will regulate the financial soundness of financial institutions.
Read the FSCA’s Stakeholder Communication letter for more information on the FSCA’s mandate, leadership and changes planned for the year.
Visit the FSCA’s new website: www.fsca.co.za