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FINANCIAL SECTOR

FSCA calls for industry engagement on upcoming regulatory plans

FSCA calls for industry engagement on upcoming regulatory plans
South African rand banknotes. (Photo: Simon Dawson / Bloomberg via Getty Images) | FSCA logo. (Images: Supplied) | Unsplash / Art Rachen)

The Financial Sector Conduct Authority released its regulation plans for the next three years on Wednesday, giving industry and consumers some insight on what to expect.

The Financial Sector Conduct Authority (FSCA) says it is committed to developing and establishing a robust regulatory framework that promotes the fair treatment of financial customers and the efficiency and integrity of financial markets.

“To achieve this, stakeholder engagement and consultation is critical. The FSCA therefore calls on industry stakeholders to participate in this process of regulatory change and we look forward to constructive stakeholder engagement as we shape the future of the financial sector for the benefit of South Africa as a whole,” an FSCA media release states.

Work will include:

  • The Conduct of Financial Institutions Bill: Further engagement with stakeholders is scheduled for the second half of this year, with the hope that initial formal proposals will be ready in the first half of next year.
  • Crypto assets: Since crypto assets have now been recognised as a financial product under the Financial Advisory and Intermediary Services Act, the FSCA plans to now turn its gaze towards the licensing and supervision of crypto-asset financial service providers.
  • Retirement funds: Upcoming regulatory work will include requirements for audited financial statements, the conditions for living annuities in an annuity strategy, how projected benefits are communicated to members, and the prescription of quarterly reports to show Regulation 28 compliance. DM
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