Regulatory Alerts2023-03-30
FSCA Strategy for Promoting Financial Sector Transformation
The Financial Sector Conduct Authority (FSCA) has issued a two-phase strategy to advance financial sector transformation in South Africa by strengthening regulatory oversight and promoting inclusivity. Phase one focuses on enhancing compliance and ownership data under the existing FSR Act, B-BBEE Act, and Financial Sector Code, while phase two will implement binding transformation standards under the forthcoming Conduct of Financial Institutions Act. The strategy requires the FSCA to actively monitor institutional ownership, enforce transformation commitments at licensing and ongoing stages, and coordinate with the Prudential Authority to ensure deeper financial inclusion for historically disadvantaged groups.
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