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The 35, make that 40 items on FSCA to-do-list

11 July 2022

If there is no quote that states “regulation begets more regulation” there should be one, as evidenced by the 35 to 40 items on the to-do-list of South Africa’s Financial Sector Conduct Authority (FSCA), circa June 2022. The authority responsible for enforcement and oversight of most of the country’s domestic financial institutions has just published its FSCA Regulation Plan 2022-25 to set out its focus for the next few years. This publication is, ironically, a legislated requirement contained in the Financial Sector Regulation (FSR) Act.

The FSCA publishes its Regulation Plan for the next three years (2022 – 2025)

04 July 2022

The Financial Sector Conduct Authority (FSCA) yesterday published its Regulation Plan for the next three years (2022 – 2025). The FSCA’s Regulation Plan is intended to support the FSCA in managing and navigating how it carries out ongoing legislative review and development of the regulatory framework, in line with its strategic objectives over the course of the next three years.

The CBR saga revs up

29 June 2022

The latest Financial Sector Conduct Authority (FSCA) communication to land in this writer’s inbox detailed the pending roll-out and implementation of something referred to as the cross-sectoral Conduct of Business Return (CBR), something the authority has reinvented as the Omni-CBR. We must confess, dear reader, to having taken our eye off the regulatory ‘ball’ of late; but the four-page FSCA Communication 16 of 2022 put us back on track. This letter informs all and sundry that the authority “has published a roadmap for the roll-out and implementation of the Omni-CBR, as well as the draft Omni-CBR template for public consultation”.

On double counting and dated statistics

03 May 2022

There is something galling about dated statistics, especially when these statistics are held up as reflecting the present day state of a particular section of the South African financial services sector. Case in point, much of the retirement fund information used to underpin the Financial Sector Conduct Authority (FSCA) Financial Sector Outlook Study 2022 is only up to date to December 2019. And we are fairly certain that much of this information was presented during the last retirement fund media update we attended more than 10 months ago.

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The strongest deterrent against FSP compliance missteps is or should be:

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A criminal conviction Debarment Fine or penalty Any of the above can work

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