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 final “new banking conduct standard,” which was published in July 2020, came into full effect in July 2021.2 The core of the new conduct standard for banks is a set of ‘Treating Customers Fairly’ outcomes. These include various requirements for product design, governance, and advertisements. In a statement supporting the conduct standard for banks, the FSCA stated that it would monitor compliance with the standard using proactive supervision, covering emerging risks within the institutions and systemic risks in the sector.3
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