FSCA to demand transformation plans from financial service providers

The Financial Sector Conduct Authority ( FSCA ) is preparing to demand transformation plans from financial service providers and could withhold licences from those who do not comply with black economic empowerment ( BEE ) thresholds.

The FSCA announced a memorandum of understanding with the B-BBEE Commission, expressing concern about the low submission of B-BBEE compliance reports by the financial sector. Non-compliance with transformation objectives currently has no real penalties.

FSCA Financial Service Providers Transformation Plans Licences Black Economic Empowerment BEE Compliance Penalties

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