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Regulator profile · FSCA
Financial Sector Conduct Authority
Market conduct regulation — protecting financial customers and ensuring fair treatment across all licensed financial service providers.
At a glance
- Established
- 2018
- Parent act
- Financial Sector Regulation Act 9 of 2017 (FSRA)
- Penalty ceiling
- R10 million per contravention
- Key register
- FAIS Register
- Website
- https://www.fsca.co.za
Scope of supervision
- Financial Service Providers (FSPs)
- Long-term and short-term insurers
- Collective investment scheme managers
- Retirement fund administrators
- Market infrastructure operators
Governing legislation
| Acronym | Full name and description |
|---|---|
| FSRA |
Financial Sector Regulation Act 9 of 2017
Establishes the Twin Peaks regulatory model. Grants the FSCA its mandate for market conduct oversight.
|
| 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.
|
| STIA |
Short-Term Insurance Act 53 of 1998
Regulates short-term insurance products, policyholder protections, and insurer conduct obligations.
|
| LTIA |
Long-Term Insurance Act 52 of 1998
Governs long-term (life) insurance conduct. Source of Policyholder Protection Rules (PPR).
|
| PPR |
Policyholder Protection Rules
Prescriptive conduct requirements for insurers — claims handling, premium collection, and benefit illustration standards.
|
| TCF |
Treating Customers Fairly
FSCA's six-outcome market conduct framework. Embedded across all FSCA supervisory activities.
|
| COFI |
Conduct of Financial Institutions Bill
Forthcoming legislation consolidating market conduct requirements across all financial institutions.
|
Key obligations on regulated entities
- Hold a valid FSP licence covering all product categories rendered
- Key Individuals meet RE1 Regulatory Examination requirements
- Representatives meet RE5 competency and CPD requirements (12 hours/year)
- Conflict of Interest policy — documented, disclosed, and reviewed annually
- Record of Advice (ROA) generated for every advice interaction
- Compliance Officer appointed with direct board access
- Professional Indemnity insurance maintained at all times
- Annual FSCA compliance report submitted within deadline
- FAIS Disclosure Notice provided at point of client engagement
- Complaints handling process meeting FSCA-prescribed timelines
- TCF Management Information reported to board quarterly
- Policyholder Protection Rules (PPR) compliance for insurers
Enforcement powers
- Administrative penalties up to R10 million per contravention
- Debarment of FSP representatives
- Withdrawal of FSP licences
- On-site inspections
- Compelled production of records
- Public disclosure of enforcement actions
Key register: FAIS Register (public, searchable online)