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Advocate Dube Tshidi appointed as FSCA Commissioner

07 August 2020 The Financial Services Conduct Authority (FSCA)

The Financial Services Conduct Authority (FSCA) confirms that Adv. Dube Tshidi has been appointed by Mr Tito Mboweni, the Minister of Finance, to perform the functions of the Commissioner.

The designation is effective from 6 August 2020 for a three-month period, until 5 November 2020 or until a Commissioner is appointed and assumes office, whichever occurs sooner.

Adv. Tshidi’s appointment is in line with the terms of Regulation 3(1)(d) of Financial Sector Regulations, 2018 (as amended) made in terms of sections 61(4), 288 and 304 of the Financial Sector Regulation Act No. 9 of 2017 (FSR Act).

Quick Polls

QUESTION

Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

ANSWER

The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
Transformation represents a great opportunity for growth and penetration by brokers
Brokers are unlikely to find their commission business yanked away from them by insurers looking to influence procurement scorecards
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