On 21 August 2017, President Zuma signed into law the Financial Sector Regulation Act 2017 (FSR Act).
"The Act establishes two new financial sector regulators, the Financial Sector Conduct Authority and the Prudential Authority with jurisdiction over all financial institutions, and to provide them with a range of supervisory tools to fulfil their objectives" , the Presidency said.
The FSR Act aims to promote the following:
- financial stability;
- the safety and soundness of financial institutions;
- the fair treatment and protection of financial customers;
- the efficiency and integrity of the financial system;
- the prevention of financial crime;
- financial inclusion;
- transformation of the financial sector; and
- confidence in the financial system.
The FSR Act also regulates the provision of financial services and financial products, and allows for the Financial Sector Conduct Authority and Prudential Authority to issue regulatory instruments (such as prudential standards and conduct standards) to govern financial institutions.
Click here for a copy of the FSR act
(Please note that it has not yet been published officially in the Government Gazette.)
