South Africa is known globally for having an efficiently run, well- regulated and stable financial sector. The enterprise earlier tasked with regulating this robust sector, the Financial Services Board—a non- bank regulator that oversaw both the prudential and market conduct regulation of non-bank financial institutions— was largely successful. This therefore begs the question: why was the Financial Sector Conduct Authority (FSCA) formed in 2018?
The 2008 global financial crisis resulted in a sea- change in financial across the world, with a particular focus on conduct regulation. South Africa experienced the crisis from a slightly different perspective, as its financial sector weathered the stability crisis well, reflecting the strong prudential and stability framework already in place. Nevertheless, the role of the financial sector in supporting the South African economy and the country’s citizens was put under review, in particular looking at the conduct and culture of financial institutions.
This content is available to both premium Members and those who register for a free Observer account.
If you are a Member or an Observer of Starling Insights, please sign in below to access this article.
Members enjoy full access to all articles and related content from past editions of the Compendium as well as Starling's special reports. Observers can access a limited number of articles and may purchase articles on an ala carte basis.
You can click the 'Join' button below to become a Member or to register for free as an Observer.
Join The Discussion