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Definition

Previously known as the Financial Services Board (FSB). The Financial Sector Conduct Authority (FSCA), newly named with the advent of the Twin Peaks mechanism, introduced on 1st April 2018, is a unique independent institution operating within the administration of the Financial Intelligence Centre (FIC) to oversee the South African Non-Banking Financial Services Industry, in the public interest. The FSCA is involved in monitoring asset management in all its forms and is, inter alia, responsible for the administration and enforcement of the Collective Investment Schemes Control Act, The Financial Services Board Act and the Financial Advisory and Intermediaries Services Act. Objectives of this regulatory body include the promotion of fair treatment of financial customers by financial institutions; the provision of financial education programs and the promotion of financial literacy.

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