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The FSCA is a regulatory agency established in South Africa in 2018, replacing the Financial Services Board (FSB). Its primary objective is to regulate and oversee the financial services industry, promote fair treatment of customers, and maintain market stability. The FSCA operates under the Financial Sector Regulation Act (FSRA), which was enacted in 2017 to enhance financial stability and consumer protection.
The FSCA’s impact on the financial market in South Africa is significant. Since its establishment, the agency has taken numerous measures to promote market stability, protect investors, and enhance consumer protection. The FSCA has also introduced several new regulations and standards to address emerging risks in the financial services sector, such as cybercrime and money laundering.
One of the FSCA’s most significant achievements is the implementation of the Treating Customers Fairly (TCF) framework. The TCF is a set of principles that guide financial institutions on how to treat their customers fairly, transparently, and with respect. The framework aims to promote ethical conduct and enhance customer protection in the financial services industry.
- Licensing and Registration of Financial Institutions
- Consumer Protection
- Market Conduct Regulation
- Supervision and Enforcement
Want to know more about FSCA, visit FSCA’s official website