Three regulators

Regulatory authorities

Three regulators set the rules that determine whether a South African short-term insurance broker is operating lawfully, fairly and securely. Each profile captures the mandate, governing legislation, enumerated obligations and enforcement powers — sourced from the regulators' published instruments.

FSCA · Established 2018

Financial Sector Conduct Authority

7 instruments 12 obligations

Market conduct regulation — protecting financial customers and ensuring fair treatment across all licensed financial service providers.

Parent act: Financial Sector Regulation Act 9 of 2017 (FSRA)
Penalty ceiling: R10 million per contravention
Website: https://www.fsca.co.za

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FIC · Established 2001

Financial Intelligence Centre

5 instruments 12 obligations

Anti-money laundering, counter-terrorist financing, and counter-proliferation financing. Collecting, analysing, and disseminating financial intelligence.

Parent act: Financial Intelligence Centre Act 38 of 2001 (FICA)
Penalty ceiling: R10 million or 10% of gross annual turnover (whichever is greater)
Website: https://www.fic.gov.za

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IR · Established 2016 (fully operational 1 July 2021)

Information Regulator (South Africa)

2 instruments 13 obligations

Data privacy regulation under POPIA. Access to information oversight under PAIA. Enforcing data subject rights and holding Responsible Parties accountable.

Parent act: Protection of Personal Information Act 4 of 2013 (POPIA)
Penalty ceiling: R10 million and/or up to 10 years imprisonment
Website: https://www.justice.gov.za/inforeg

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Cross-regulator index

Legislation library

All instruments referenced across the three regulators.

Acronym	Full name	Regulator
FSRA	Financial Sector Regulation Act 9 of 2017 Establishes the Twin Peaks regulatory model. Grants the FSCA its mandate for market conduct oversight.	FSCA
FAIS Act	Financial Advisory and Intermediary Services Act 37 of 2002 Governs the licensing and conduct of FSPs and their representatives. Prescribes competency, disclosure, and record-keeping requirements.	FSCA
STIA	Short-Term Insurance Act 53 of 1998 Regulates short-term insurance products, policyholder protections, and insurer conduct obligations.	FSCA
LTIA	Long-Term Insurance Act 52 of 1998 Governs long-term (life) insurance conduct. Source of Policyholder Protection Rules (PPR).	FSCA
PPR	Policyholder Protection Rules Prescriptive conduct requirements for insurers — claims handling, premium collection, and benefit illustration standards.	FSCA
TCF	Treating Customers Fairly FSCA's six-outcome market conduct framework. Embedded across all FSCA supervisory activities.	FSCA
COFI	Conduct of Financial Institutions Bill Forthcoming legislation consolidating market conduct requirements across all financial institutions.	FSCA
FICA	Financial Intelligence Centre Act 38 of 2001 Primary AML/CFT/CPF legislation. Amended significantly by Act 1 of 2017 to align with FATF standards.	FIC
FATF	Financial Action Task Force Standards International standards-setting body for AML/CFT. SA is a FATF member subject to mutual evaluation.	FIC
Reg 21A	FIC Regulation 21A Prescribes requirements for electronic funds transfer reporting.	FIC
Reg 24	FIC Regulation 24 Prohibits dealing with entities on UN Security Council sanctions lists.	FIC
GN 7	FIC Guidance Note 7 Guidance on electronic or digital CDD — acceptable verification methods for remote onboarding.	FIC
POPIA	Protection of Personal Information Act 4 of 2013 SA's comprehensive data protection law. Eight conditions for lawful processing. Fully enforceable from 1 July 2021.	IR
PAIA	Promotion of Access to Information Act 2 of 2000 Gives effect to the constitutional right of access to information. Private bodies must maintain a PAIA Manual.	IR