South Africa’s Financial Sector Conduct Authority (FSCA) received an explicit mandate to regulate culture and conduct under the Financial Sector Regulation Act of 2017, with a specific focus on banking set out in a 2019 statement supporting a new banking Conduct Standard.1
The FSCA’s approach to culture and conduct aims at pre-empting emerging risks, within banks and other financial institutions, as well as related risks at an industry level. Such risks will be relayed to the FSCA through a new reporting framework, permitting supervisors to gather and analyze information that reveals conduct risks and identifies related trends at any particular bank. This framework may develop into a more comprehensive market conduct framework over time.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion