As of 1 April 2018, the Financial Services Board (“FSB“) has been replaced by the Financial Sector Conduct Authority (“FSCA“), as a step towards implementing a “Twin Peaks” model where:
- Market conduct regulation, including investment funds and investment managers, which will be the domain of the FSCA which replaces the FSB; and
- Regulation of financial institutions, including banks, which will be the domain of the Prudential Authority (“PRA“), housed in the South African Reserve Bank.
The FSCA’s key objectives will be to:
- protect financial customers by promoting their fair treatment by financial institutions, providing financial education programs, and promoting financial literacy
- enhance and support the efficiency and integrity of financial markets
- assist in maintaining financial stability
- support the overall policy objectives of financial inclusion and transformation of the financial sector.
It is in this field of regulatory compliance that the SSC developed a relationship with the original FSB with the objective of promoting SAMCODE compliance by minerals companies across all current (and future) registered stock exchanges in South Africa. The SSC will continue to maintain and reinforce such relationships with the FSCA, going forward.