FSCA

The Financial Sector Conduct Authority (FSCA) is a South African regulatory authority responsible for supervising market conduct and protecting consumers in the financial sector. It was established by the Financial Sector Regulation Act of 2010 and began operating on 1 April 2018, succeeding the former Financial Services Board (FSB) and consolidating conduct regulation across several financial markets. The FSCA's remit covers a wide range of sectors, including banking, insurance, asset management, retirement funds, financial markets, and financial advisory services, and it licenses financial service providers and their representatives.

Its core mandate is to promote fair treatment of customers, ensure appropriate disclosure and risk information, and uphold market integrity. The FSCA achieves this through licensing and ongoing supervision, development of codes of conduct and regulatory guidelines, product and service design oversight, consumer protection activities, and enforcement actions against misconduct. It can investigate complaints, impose penalties, and suspend or revoke licenses when warranted.

In the regulatory framework of South Africa, the FSCA operates alongside the Prudential Authority (PA). The PA handles prudential regulation to maintain the financial system’s stability, while the FSCA focuses on conduct and consumer protection. The authority is overseen by national government structures and participates in international regulatory cooperation, including IOSCO, to harmonize standards and supervisory practices. The FSCA also publishes regulatory updates, annual reports, enforcement actions, and supervisory findings to promote transparency and accountability in the financial sector.