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FSCA, putting the power in the hands of the consumer

24 June 2021 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) was established by the Financial Sector Regulation Act 9 of 2017 (the FSR Act), to become a dedicated market conduct authority, replacing the Financial Services Board (FSB) on 1 April 2018.

Part of the FSCA’s mandate is to provide free financial education to South African consumers in order to promote financial literacy. It is about ensuring consumers can make informed decisions when buying financial products and services and thereby bridging the gap between what consumers want and need, and what service providers offer.

The FSCA is launching a nationwide financial education campaign #FSCAMyMoney to provide young South Africans, from all walks of life, with information that will improve their financial acumen, so that they can make better decisions when it comes to their money.

Consumers are invited to visit FSCA’s My Money website (www.fscamymoney.co.za). It provides a wealth of easily understandable and very relevant financial educational tips such as, learning about their rights and responsibilities as a consumer when dealing with financial service providers, what to look for in an accredited financial advisor, how to budget and how to save.

Consumers will also learn why it is best to start planning and saving for retirement early, how to safeguard their money by not investing in scams, what is crypto currency and how to work with their money so that they get the best service and interest possible. The FSCAMyMoney campaign provides an ideal opportunity for consumers to engage directly with the FSCA and ask questions they may have on how to better manage their money.

To ensure that this critical financial education message is seen and heard by as many consumers as possible, the campaign will roll out throughout South Africa. It will target platforms such as newspapers and radio adverts, an SMS and online digital communication campaign as well as interviews with senior FSCA staff. The FSCA MyMoney campaign will run for the remainder of June and throughout July this year.

More about the FSCA

The FSCA’s mandate is to: enhance the efficiency and integrity of financial markets; promote fair customer treatment by financial institutions; provide financial education and promote financial literacy; and assist in maintaining financial stability. The FSR Act extends the jurisdiction of the FSCA to include oversight of financial products and services not overseen by the FSB such as banking and services related to credit; . It also dictates a shift in approach from the FSB’s traditional compliance driven model to one that is proactive, pre-emptive, risk-based and outcomes focused. Crucially, the FSR Act includes financial inclusion and transformation of the financial sector in its overall objectives. The FSCA’s six priority strategic focus areas for the next three years are: 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; and understanding new ways of doing business and disruptive technologies.

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