FSCA’s update on the Steinhoff Investigation

March 29, 2019

The Financial Sector Conduct Authority (FSCA) issued a notice to Steinhoff, last week during the parliamentary hearings, to provide the authority with the forensic report prepared by PricewaterhouseCoopers (PwC).


The notice was issued in terms of the Financial Sector Regulations Act No. 9 of 2017 (FSR ACT). Following this notice, the authority met with the representatives of Steinhoff who have agreed, without waiving the confidentiality and privilege which inheres in the PwC forensic report, to furnish all relevant documents to enable the FSCA to investigate alleged transgressions of Sections 78, 80 and 81 of the Financial Markets Act No.19 of 2012 (FMA Act).


Steinhoff has, in addition, confirmed that such disclosure will enable the FSCA to act against all persons implicated in the aforesaid transgressions. Further information will be released as and when information in the interest of the Public becomes available.


The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 20 3722) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services.


ENDS


Enquiries: Financial Sector Conduct Authority
Email address: Communications@fsca.co.za
Telephone: 012 422 2919

 

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