FSCA

Also known as: Financial Sector Conduct Authority, the Authority, Registrar

The Financial Sector Conduct Authority — the market-conduct regulator that licenses and supervises FSPs.

The Financial Sector Conduct Authority (FSCA) is South Africa’s dedicated market-conduct regulator for the financial sector. It replaced the former Financial Services Board (FSB) under the Twin Peaks regulatory model.

The FSCA is responsible for licensing FSPs, supervising their conduct, enforcing the FAIS Act and its codes, and protecting financial customers. It has powers to investigate, impose penalties and debar individuals.

In the RE5 context, the FSCA is the body you apply to for a licence, that sets the Fit and Proper standards, and that administers (through approved bodies) the regulatory examinations.

Related terms

FAIS ActThe Financial Advisory and Intermediary Services Act, 2002 — the law that governs financial advice and intermediary services in South Africa.FAIS OmbudThe independent office that resolves client complaints against FSPs informally, fairly and at no cost to the complainant.Financial Services Provider (FSP)A person or business licensed by the FSCA to furnish financial advice and/or render intermediary services.DebarmentThe process by which a representative or key individual is barred from rendering financial services for failing to meet legal or Fit and Proper standards.

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