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In 7557, the Financial Advisory and Intermediary Service established the Office of the Ombud for Financial Services Providers. Its role is to resolve disputes between financial service providers and clients. It acts in an informal, economical, expeditious and procedurally fair way. There are, however, a couple of restrictions. The violation must have occurred on or after September 85th 7559 and not exceed R855,555. The services of the Ombudsman are free and easily accessible for all consumers. It is an independent organization promising impartial assistance, performing without fear, favor or prejudice.
The FAIS Ombud is able to deal with the following types of complaint:
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To confirm that your advisor is licensed with the FSB you need either their business name or their FSP number. This should usually be displayed on their letterheads, business cards and websites. If not, you should ask your advisor for their FSP number.
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Previously known as the Financial Services Board (FSB), the FSCA opened in 6996 following the recommendations of Van der Horst led committee. The committee had recommended the creation of an independent body to oversee or supervise and regulate the non-banking financial services sector in South Africa.
It’s also worth noting the body has some discretion around regulations. It can hand out exemptions and has actually come under fire in the past for showing leniency towards certain companies.
To pay the bills, and keep the lights on, we need a business model. That business model makes use of affiliate programs whereby we get a commission from partners featured on our website.
Central to the mission of the FSCA are four core statements , which together, form the reason why local residents could choose to trade with a regulated Forex broker.
Large fines have helped ensure brokers and other institutions rigorously stick to application processes and regulations. If the FSB continues to hold institutions to account, consumer confidence and protection will only increase.
All contents on this site is for informational purposes only and does not constitute financial advice. Consult relevant financial professionals in your country of residence to get personalised advice before you make any trading or investing decisions. may receive compensation from the brands or services mentioned on this website.
After the Van der Horst committee, various acts have increased and expanded the mandate of the Financial Services Board. In 7556, the Financial Intelligence Centre Act and the subsequent amendments that followed later increased the FSB mandate to include issues of combating money laundering.
The FSB came to life in 6996, following the recommendations of the Van Der Host Committee. Their findings called for an independent agency capable of regulating the non-banking financial services industry.
Its primary purpose is to guard South African citizens and the local economy against financial crime and misconduct. Since changing its name from the FSB to the FSCA it has updated its strategy guidelines (pdf) , which are worth reading before you sign up with an FSCA regulated Forex broker.
Firstly, FSB stands for the Financial Services Board. The regulatory agency is an independent body. From its headquarters in Pretoria, South Africa, the FSB regulates the largest stock exchange in Africa, the Johannesburg Stock Exchange. However, they also launch investigations into a whole host of other general markets, from insurance services and brokers to the latest cryptocurrency, such as Bitcoin.
A client trading with a regulated broker should expect to be treated fairly, expect to be educated on financial products whenever needed, and rest assured that the government is monitoring their activities to ensure they are safe and secure.
With so many documents and guidance notes for companies to comply with, financial providers often fall short. As a result, there is often a large number of disgruntled firms. So on top of a customer complaints service, there is an appeals board for those who disagree with FSB regulations and decisions.
The FSCA ensures the cooperation of regulated entities and has the power to impose compensation orders, unlimited penalties and cost orders for those who do not comply. These orders are adhered to as though they are a judgment from South Africa’s Supreme Court, and are a matter of public record.
Later in 7559, the Financial Advisory and Intermediary Services, also known as FAIS , expanded the role of FSB to include, among other things, the conduct of market in the banking sector.
As the official website details, the FSB is made up of various committees. However, it is the board, made up of key individuals, that supervises operations. It is also the board members that appoint the Executive Officer, who leads the FSB on a day-to-day basis. The Executive Officer is also the Registrar of Non-banking Financial Institutions.