The FSB is an independent institution monitoring the non-banking financial services industry in South Africa. Its mission and vision are to facilitate a robust financial investment in South Africa.
The Financial Services Board – FSB was established back in 1990. The mission of the regulator embraces the promotion of fair treatment of financial services’ consumers and products as well as financial strength of financial institutions. Also, the FSB attempts to foster systematic stability of financial services sectors and the integrity of financial markets and institutions.
The vision of the Financial Services Board – FSB is to support and facilitate a robust financial investment environment in South Africa. After more than 26 years of regulating the South African non-banking sector and the financial services industry, the FSB is internationally acknowledged as a reputable authority.
What are the FSB’s responsibilities?
The South African regulator supervises the following financial services providers: retirement funds; collective investment schemes, including unit trusts and stock market; short-term and long-term insurance; funeral insurance; companies; financial advisors; and brokers.
The Financial Services Board – FSB seeks to ensure fair treatment and protection of investors. The regulator deals with all the financial services providers in South Africa. The FSB aims to prevent activities of illegal entities and create transparency in the market. In order for all investors to be able to confirm if an entity holds a valid FSB license. Financial service providers have to apply for a FSB license. Before, the broker can offer their financial products in the jurisdiction. However, the regulator does not oversee pyramid schemes because the South African Reserve Banks is in charge of that.
Who manages the Financial Services Board – FSB?
The Chief Executive Officer of the FSB along with the Board members are in charge of the regulator. The other members of FBS’s executive board are Chief Financial Officer, DEO Investment Institutions, DEO Insurance, Chief Information Officer, DEO CIS, Chief Actuary and DEO FAIS.
Nowadays, the regulator consists of the following departments: Actuarial, Capital Markets, Collective Investment Schemes, Consumer Education, Credit Ratings, FAIS, Information Center, Insurance, International and Local Affairs Unit, Legal and Policy, Market Abuse, Market Conduct Strategy Unit, Retirement Funds.