FSCA imposes fines of almost R1 billion on dodgy operators

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.The Financial Sector Conduct Authority slapped individuals and businesses that flouted financial and banking regulations with almost R1 billion in administrative penalties during the 2023-24 financial year.

Kamlana said the regulator was also engaged in “increasing collaboration and cooperation with our international counterparts” as this is of growing strategic importance because of the cross-border nature of financial services. He said most of the new, ongoing and finalised investigations involve contraventions of the Financial Advisors and Intermediary Services Act and the Insurance Act, mostly related to unregistered business, including in the funeral insurance sector.

The FSCA also collaborated on 45 matters with international counterparts and became a signatory to the International Organisation of Securities Commission’s Enhanced Multilateral Memorandum of Understanding that aims to enhance the effectiveness of cross-border investigations and enforcement.

“Modern technology brings a lot of opportunity, but of course, it brings lots of risk and, most notably, because we get a breach very quickly and that then makes it increasingly difficult for regulators to respond to. Assets can, in effect, be moved almost immediately, overnight as well, and it’s very difficult to trace those as regulators and enforcement authorities,” Gibson said.

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