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Annual

report

2019/2020

ABOUt tHE FINANCIAL SECtOr CONDUCt AUtHOrItY

WHO WE ARE

The Financial Sector Conduct Authority (FSCA) is a market conduct regulator that commenced operations on

1 April 2018 in terms of the Financial Sector Regulation (FSR) Act, 20

17 (Act No. 9 of 2017).

reports to the Minister of Finance and is accountable to parliament.

WHAT WE DO

The mandate of the FSCA is to:

This is the annual report

of the Financial Sector

Conduct Authority

(FSCA) that covers the second year of its operations, namely the period between 1 April

2019 to 31 March 2020.

FSCA Annual Report 2019/20201

CONTENTS

PART A: GENERAL INFORMATION

3

Scope of Report

4

Foreword by the Minister of Finance

8

Foreword by the Commissioner

10

PART B: PERFORMANCE INFORMATION

19

PART C: GOVERNANCE

105

Transitional Management Committee

106

PART D: HUMAN RESOURCE MANAGEMENT

123

PART E: FINANCIAL INFORMATION

129
FSCA2

3FSCA Annual Report 2019/2020

PART A

G

ENERAL

INFORMATION

4FSCA Annual Report 2019/2020

SCOPE OF REPORT

STATEMENT OF RESPONSIBILITY AND CONFIRMATION

OF ACCURACY OF THE ANNUAL REPORT

the following:

Adv Dube Tshidi

Abel Sithole

Commissioner

PArt A - GENERAL INFORMATION

5FSCA Annual Report 2019/2020

ACRONYMS AND ABBREVIATIONS

AFS AFU AML ASISA

BATSETA

BASA

B-BBEE

BBF̵

BISBank for International Settlements

CBR CCP CED CFI CFT CIPC CISA CISCA CISNA CMS COB CoFI

Co-Operation

CPD CRA CSD DDD DPWI EPWP ERP ERM ESG EU EXCO FAIS FATF

6FSCA Annual Report 2019/2020

FCP FIA

FICFinancial Intelligence Centre

FICA FPI FSAP FSB FSCA FSP FSR FSTC GCR GRAP HOD IAIS IBMSU ICT

IFRSInternational Financial Reporting Standards

IFWG IISA IIRC IMF IMN INFE IOPS IOSCO IRS IRBA ISAs

ITInformation Technology

JSE LBC LISP LTIA MCIRD M&E MoA

PArt A - GENERAL INFORMATION

7FSCA Annual Report 2019/2020

MOC MoU NPSD NRC NT ODP OHS OTC PA PAA PFA PFMA

PIProfessional Indemnity

PoPIA PPR RDR RE RiBS

RMCPRisk Management and Compliance Plans

SAFPA SAIA SAICA SADC SARB SARS SASAS SFT SLC SRO STIA TCF TTK UTC

8FSCA Annual Report 2019/2020

FOREWORD BY THE MINISTER OF FINANCE

Two years of conduct regulation.

needs to be done in both respects, the progress made

PArt A - GENERAL INFORMATION

9FSCA Annual Report 2019/2020

“strengthen customer protection

by putting in place a single comprehensive market conduct law, resulting in the consistent application of consumer protection principles across the sector."

TT Mboweni, MP

Minister of Finance

10FSCA Annual Report 2019/2020

FOREWORD BY THE COMMISSIONER

YEAR TWO OF TWIN PEAKS

end, President Ramaphosa declared a State of Disaster

STRATEGY AND PERFORMANCE

are as follows: strategic areas:

PArt A - GENERAL INFORMATION

11FSCA Annual Report 2019/2020

relationships with the Financial Sector Transformation sector trends, emerging risks and international

12FSCA

OVERSIGHT

FUTURE OUTLOOK

APPRECIATION

Mr Abel Sithole

Authority

31 July 2020

PArt A - GENERAL INFORMATION

13FSCA Annual Report 2019/2020

OVERVIEW BY THE EXECUTIVE HEAD

THE YEAR AT A GLANCE

OPERATIONAL MATTERS

and is committed to keeping that record clean in time

14FSCA Annual Report 2019/2020

LEGISLATIVE MATTERS

transformation of the sector and will empower the Once passed into law, the Bill will be the second piece of

HIGHLIGHTS OF THE YEAR

Regional capacity building:

Familiarisation and Training Programme attended by satisfaction with the content and organisation of the

PArt A - GENERAL INFORMATION

15FSCA Annual Report 2019/2020

th

Digitisation and 4IR:

end, the Fintech Department was established in the management, ICT demand management, and ICT

Mystery shopping:

feedback was shared with the banks and correction

The Steinhoff saga:

Possibly the biggest case of

the Steinhoff saga has dominated the news since the

APPRECIATION

Management Committee, management and staff of

Adv Dube Tshidi

Executive Head of the Financial Services Conduct

Authority

31 July 2020

16FSCA

PArt A - GENERAL INFORMATION

17FSCA Annual Report 2019/2020

STRATEGIC OVERVIEW

LEGISLATIVE AND OTHER MANDATES

seeks to maintain high standards of professionalism 1.

Vision

Mission

Values

Agility:

Diligence:

Fairness:

Integrity:

Perseverance:

OrGANISAtIONAL StrUCtUrE

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