Tag: Desiree Reddy
Developments in the regulation of open finance
The Intergovernmental Fintech Working Group (IFWG) has published a new blog on Open Finance, noting that South African regulatory authorities have started looking at open finance as it relates to their respective mandates.
FSCA publishes a digital banking research report
In recognition of the increase in the adoption of digital channels by financial consumers, in late 2021 the FSCA published a Digital Banking Research Report on the state of digital banking activities in South Africa.
FSCA clamps down on FICA non-compliance
Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA.
Draft conduct standard for banks published
The Financial Sector Conduct Authority (FSCA) has published a Draft Conduct Standard for Banks, under section 106(2)(b) of the Financial Sector Regulation Act 2017 (FSRA). The draft Conduct Standard applies to banks, mutual banks, co-operative banks, branches of foreign banks and representative offices of foreign banks (banks) and will apply in addition to any other requirement already imposed on banks by other financial sector laws.
