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FSCA: Regulatory Actions Report for 2023/2024
- 02 July 2024
- Regulatory Compliance and Legislation
- South African Accounting Academy
The report highlights the FSCA’s enforcement efforts between 1 April 2023 and 31 March 2024 and outlines the Authority’s future focus areas based on identified trends and risks.
The report aims to increase the visibility of the FSCA's enforcement activities, deter misconduct and raise awareness of regulatory requirements in the financial sector. It sets clear expectations for good conduct within the sector and identifies emerging trends and risks.
By highlighting their actions, the FSCA communicate clear expectations for good conduct within the financial sector and identify changes in industry behaviour, emerging trends, and risks. The case studies illustrate principles and practical applications and guide stakeholders in embedding good conduct.
Misconduct in the financial sector undermines consumer confidence. To maintain and support confidence and integrity in the sector, one of the FSCA’s strategic objectives is to act decisively and visibly against misconduct. The FSCA’s enforcement function is critical to this objective, focusing on impactful and visible enforcement. While all cases are approached with equal dedication, the resource-intensive nature of investigations necessitates balancing our efforts with the limited resources available. The Case Selection Guideline ensures resources are allocated to cases with the most significant impact.
Contents of the Regulatory Report:
- Abbreviations
- Executive Summary
- Part I. Introduction and Summary of Enforcement interventions
- Part II. Cooperation and collaboration with International and Domestic regulatory bodies
- Part III. Overview of Statistics per enforcement intervention
- Part IV. Financial Services Tribunal reconsiderations
- Part V. Focus areas & Trends
- List of Figures
- List of Tables (13 of them)
- List of Case Studies (8 of them)
Click here to download the 38-page Report:
https://www.fsca.co.za/Documents/FSCA%20Regulatory%20Actions%20Report%20-%2028%20June.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- All the Acts regulated by the FSCA are pieces of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, independent reviewer and accountant, you should be aware of the regulatory actions and outcomes of the FSCA.
- You also need to consider the latest publications by regulators, such as the FSCA, to keep abreast of changes and important information.
Relevance to Your Clients:
- Entities that must comply with the relevant legislation that is enforced by the FSCA, should be aware of the regulatory actions and outcomes.
- Your clients also need to consider the latest publications by regulators, such as the FSCA, to keep abreast of changes and important information.