The FSCA advocates for the wellbeing of financial customers through fair treatment
SPONSORED | The FSCA now supervises the conduct of financial institutions and their customer interaction
29 October 2020 - 09:00SponsoredThe FSCA has launched its free MyMoney Learning Series to take consumer financial education to consumers. Picture: SUPPLIED/FSCA(FSCA) has taken up its new mandate from the former Financial Services Board (FSB) to ensure that financial institutions treat their
customers fairly, while ensuring that those institutions remain sustainable.The FSCA is on a mission of advocating for the financial wellbeing of customers by familiarising them with the principles in the Treating Customers Fairly initiative (TCF).
The aim is to educate financial customers about the standard of quality they are entitled to when purchasing products and services from financial institutions.As the market conduct regulator, the FSCA’s broadened mandate now includes: enhancing the efficiency and integrity of financial markets; promoting fair customer treatment by financial institutions; providing financial education and promoting financial literacy; and assisting in maintaining financial stability.
“The FSB was solely responsible for non-banking financial institutions, while the FSCA supervises the conduct of financial institutions and how they interact with customers. While we look at how financial institutions treat their customers, we also have to make sure they are financially stable,” says Kedibone Dikokwe, FSCA divisional executive of conduct of business supervision.
Dikokwe says that the authority has launched its freeto educate consumers on financial matters. Available as e-learning content, it includes foundational concepts such as good financial habits, as well as advanced topics such as understanding investments. This helps consumers make
informed decisions when purchasing products and services.The FSCA continues its work of aligning regulation with the outcomes that will eventually lead to the increased fair treatment of customers and establish a regulatory framework that reflects the support of the TCF initiative. This will be achievable as the Financial Sector Regulation Act allows the authority to use its rule-making capacity to entrench the fair treatment of customers.
The fair treatment of customers underpins the regulatory and supervisory approach that seeks to achieve specific outcomes for financial customers. Read more: Business Day »
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