Financial Sector Conduct Authority (FSCA)

Overview of the Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) is South Africa’s financial market conduct regulator, operating under the Twin Peaks model of financial sector regulation. Established on 1 April 2018, it succeeded the Financial Services Board (FSB) as part of reforms introduced by the Financial Sector Regulation Act (FSR Act) of 2017. The FSCA is headquartered in Pretoria, Gauteng, and focuses on ensuring fair treatment of financial customers, promoting market integrity, and enhancing financial stability.

Historical Background

The FSCA was created following the dissolution of the Financial Services Board (FSB), which had regulated South Africa’s non-banking financial sector since 1990. The transition to the Twin Peaks model separated prudential regulation (handled by the Prudential Authority under the South African Reserve Bank) from market conduct regulation, assigned to the FSCA. This restructuring aimed to improve regulatory efficiency and consumer protection in financial markets.

Legal Mandate and Regulatory Framework

The FSCA derives its authority from the Financial Sector Regulation Act (2017) and oversees compliance with various financial sector laws, including:

Financial Advisory and Intermediary Services Act (FAIS)
Financial Markets Act (2012)
Collective Investment Schemes Act
Pension Funds Act

Its regulatory scope extends to banks, insurers, retirement funds, financial advisors, and market infrastructures, ensuring adherence to fair business practices and transparency.

Core Responsibilities and Supervision Scope

The FSCA’s primary functions include:

Licensing and supervising financial services providers (FSPs)
Enforcing market conduct rules to prevent financial misconduct
Promoting financial education and consumer awareness
Investigating unauthorized financial activities and scams
Regulating forex brokers, investment firms, and collective investment schemes

It also monitors fintech innovations and combats financial crimes such as money laundering and fraud.

Contact Information and Office Locations

The FSCA can be reached through the following channels:

Postal Address: PO Box 35655, Menlo Park, 0102, South Africa
Physical Address: Riverwalk Office Park, Block B, 41 Matroosberg Road, Ashlea Gardens, Pretoria, 0081
Contact Centre: 0800 20 37 22 (toll-free) or 012 428 8000
Fax: 012 346 6941
Email: [email protected]

How to Verify an FSCA-Regulated Entity

To confirm whether a financial service provider is authorized by the FSCA:

Visit the FSCA’s official Authorised Financial Service Providers (FSP) Search tool
Enter the FSP’s registration number, partial name, or postal code
Cross-check the details with the provider’s official documentation

Consumers can also contact the FSCA Call Centre (0800 20 37 22) for verification assistance.