Financial Services Board – South Africa

The Financial Services Board (FSB) was the regulatory authority overseeing the non-banking financial sector in South Africa. It was established to ensure the integrity, stability, and efficiency of the financial markets, thereby protecting investors and promoting consumer confidence.

Key Functions and Responsibilities

• Regulatory Supervision: The FSB was responsible for supervising a wide range of financial institutions including insurers, pension funds, and investment managers. It ensured compliance with financial laws and regulations to maintain market stability.
• Consumer Protection: Protecting consumers was a core mandate of the FSB. This involved enforcing transparency and fairness in financial services and products.
• Market Integrity: The FSB worked to uphold the integrity of the financial markets through rigorous oversight and enforcement actions to prevent financial misconduct.

Transition to the Financial Sector Conduct Authority (FSCA)

In 2018, the FSB was succeeded by the Financial Sector Conduct Authority (FSCA) under the Financial Sector Regulation Act. The FSCA continues the work of the FSB but with an expanded mandate to include the oversight of market conduct for all financial institutions, ensuring a fair, transparent, and efficient financial sector.