Release of the Financial Sector Conduct Authority’s Regulatory Strategy and Memoranda of Understandi
The Financial Sector Conduct Authority (FSCA) is pleased to announce the adoption of its Regulatory Strategy for the period 2018–2021, in accordance with the provisions of section 70 of the Financial Sector Regulation Act, 9 of 2017 (FSR Act).
As required by the FSR Act, the regulatory strategy sets out the FSCA’s regulatory and supervisory priorities for the next three years; the intended key outcomes of the strategy; guiding principles and matters the FSCA should have regard to when performing its functions; its approach to administrative actions as well as how it will give effect to requirements of openness to consultation, accountability, and consistency with relevant international standards.
The FSCA has identified six strategic priority focus areas which are expanded on in the document:
building a new organisation;
an inclusive and transformed financial sector;
a robust regulatory framework that promotes fair customer treatment;
informed financial customers;
strengthening the efficiency and integrity of our financial markets;
understanding new ways of doing business and disruptive technologies.
The FSR Act also emphasises the importance of cooperation and collaboration between the FSCA and other regulatory authorities in the Twin Peaks regulatory framework and requires the authorities to enter into memoranda of understanding (MoUs) to achieve this. The FSCA has concluded MoUs with the Prudential Authority, the National Credit Regulator, the Financial Intelligence Centre and the South African Reserve Bank.
The Regulatory Strategy can be accessed on the FSCA website at home > About Us > FSCA Strategy and the MoUs can be accessed on the website at: home > About Us > Regulatory Liaison > National Memoranda of Understanding.
The FSCA looks forward to working with all our stakeholders to achieve the outcomes targeted in our regulatory strategy, to ensure that we deliver on our important new market conduct mandate.
Enquiries: Ms Nokuthula Mtungwa Financial Sector Conduct Authority Email address: Nokuthula.Mtungwa@fsca.co.za Telephone: 012 422 2919