Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 4 : Financial Sector Conduct AuthorityPart 1 : Establishment, objective and functions58. Functions |
| (1) | In order to achieve its objective, the Financial Sector Conduct Authority must— |
| (a) | regulate and supervise, in accordance with the financial sector laws, the conduct of financial institutions; |
| (b) | co-operate with, and assist, the Reserve Bank, the Financial Stability Oversight Committee, the Prudential Authority, the National Credit Regulator, and the Financial Intelligence Centre, as required in terms of this Act; |
| (c) | co-operate with the Council for Medical Schemes in the handling of matters of mutual interest; |
| (d) | promote, to the extent consistent with achieving the objective of the Financial Sector Conduct Authority, sustainable competition in the provision of financial products and financial services, including through co-operating and collaborating with the Competition Commission; |
| (e) | promote financial inclusion; |
| (f) | regularly review the perimeter and scope of financial sector regulation, and take steps to mitigate risks identified to the achievement of its objective or the effective performance of its functions; |
| (g) | [Section 58(1)(g) deleted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (d), item (2) of Commencement Notice No. 3188, GG48291, dated 24 March 2023] |
| (h) | conduct and publish research relevant to its objective; |
| (i) | monitor the extent to which the financial system is delivering fair outcomes for financial customers, with a focus on the fairness and appropriateness of financial products and financial services and the extent to which they meet the needs and reasonable expectations of financial customers; and |
| (j) | formulate and implement strategies and programs for financial education for the general public. |
| (2) | In relation to a financial institution that is a credit provider regulated in terms of the National Credit Act, the Financial Sector Conduct Authority may, in addition to regulating and supervising the financial institution in respect of the financial services that the financial institution provides, and notwithstanding section 2(1)(g), regulate and supervise the financial institution’s conduct in relation to the provision of credit under a credit agreement only in respect of those matters referred to in section 108. |
| (3) | The Financial Sector Conduct Authority must also perform any other function conferred on it in terms of any other provision of this Act or other legislation. |
| (4) | The Financial Sector Conduct Authority may do anything else reasonably necessary to achieve its objective, including— |
| (a) | co-operating with its counterparts in other jurisdictions; and |
| (b) | participating in relevant international regulatory, supervisory, financial stability and standard setting bodies. |
| (5) | When performing its functions, the Financial Sector Conduct Authority must— |
| (a) | take into account the National Credit Act and regulatory requirements for financial institutions that are authorised and regulated under that Act; |
| (b) | take into account the need for a primarily pre-emptive, outcomes focused and risk-based approach, and prioritise the use of its resources in accordance with the significance of risks to the achievement of its objective; and |
| (c) | to the extent practicable, have regard to international regulatory and supervisory standards set by bodies referred to in subsection (4)(b), and circumstances prevalent in the Republic. |
| (6) | The Financial Sector Conduct Authority must perform its functions without fear, favour or prejudice. |