FSCA

15.11.2018

The Financial Services Board (FSB) was formed by statute in 1990 as an independent body for the purpose of overseeing the South African Non-Banking Financial Services Industry in in the interests of the citizenry.

Its reference standard  means promotion and aiding of a fruitful  financial investment in the region of South Africa. On 1 April, 2018, The title “FSB” was changed to the FSCA  (stands for the Financial Services Conduct Authority). The organization has also been granted a broader mandate.

The Basic Premise

The newly renamed FSCA ensures that all the clients are treated equally  and fairly by the financial services.

The regulator’s board is appointed by the order of the Ministry of Finance of Africa.  In our days the Board is formed of 4 Executive Directors and each one is responsible for a specific area: pension capital funds, finance consulting, mutual aid societies, intermediary services.

The Financial Services Conduct Authority (FSCA) is responsible for all the non-banking financial services. Those include:

 


 

FSCA Decision Authority

The objectives and targets of the Authority can be enumerated as follows:

  1. Registration and license granting to various financial institutions that seek to provide their services in South Africa.
  2. Accountable companies activities monitoring that is aimed at development of methods of and instruments for promotion customers’ security from fraudulent activities.
  3. Imposition of penal sanctions on those companies who proved not to be in good faith.

Those companies and organizations that wish to obtain a license from The Financial Services Conduct Authority but do not yet have a corporate presence in Africa, can still work collaboratively with the FSCA. The governance is opened to foreign brokers and demands from those companies to run fair business on the continent and ensuring their clients security from any fraudulent activities.

As for the confidence level in regard to this organization, it worth mentioning that a company that has been stripped of its license preserves the right to conduct business under any other offshore jurisdiction, having received the appropriate certificate from the local certifying authority. Consequently, the campaign against dishonest business is carried out solely in South Africa.

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