Annual Report 2015

Scope
of report

IN THIS REPORT, THE FINANCIAL SERVICES BOARD (FSB) PRESENTS A BALANCED VIEW OF ITS FINANCIAL AND NON-FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31 MARCH 2015. IT FOLLOWS THE INTEGRATED REPORT FOR THE YEAR TO 31 MARCH 2014 BUT CONTENT HAS BEEN AMENDED TO ALIGN WITH THE ANNUAL REPORT REQUIREMENTS SET OUT BY NATIONAL TREASURY FOR PUBLIC ENTITIES. Read more...



Chairperson's
Report

previous
next

THE YEAR TO 31 MARCH 2015 WAS ANOTHER CHALLENGING PERIOD FOR THE FINANCIAL SERVICES INDUSTRY. THE FRAGILITY OF THE ECONOMIC RECOVERY WAS WELL ILLUSTRATED BY THE PROBLEMS OF AFRICAN BANK, WHICH TESTED PUBLIC CONFIDENCE IN FINANCIAL SERVICES GENERALLY IN MID-2014. THIS EVENT, HOWEVER, AGAIN EMPHASISED THE IMPORTANCE OF KEY MANDATES – PARTICULARLY THAT OF ENSURING SOUND FINANCIAL INSTITUTIONS AND OF EMPOWERING CONSUMERS THROUGH EDUCATION. ONE CANNOT OVEREMPHASISE THE URGENCY OF IMPLEMENTING THE NEW TWIN PEAKS MODEL OF FINANCIAL REGULATION.

Read more...

Executive Officer's
Report

previous
next

RESULTS FOR THE YEAR AGAIN REFLECT THE CONCERTED WORK OF TEAMS ACROSS OUR MANDATED AREAS OF RESPONSIBILITY, WITH THE FSB RECORDING A SOLID PERFORMANCE BOTH FINANCIALLY AND AGAINST OUR STRATEGIC TARGETS.

Read more...

Chief Financial
Officer's Review

previous
next

The FS carries out its legislative mandate with funding from Levies and Fees charged to the non-banking financial services industry it regulates.

Read more...



Performance by
Key division

Retirement funds
Insurance
Financial advisory and intermediary services
Collective investment schemes
Investment institutions

The retirement funds and friendly societies division of the FSB is mandated by the Pension Funds Act 1956 (PFA) and Friendly Societies Act 1956 to licence and supervise friendly societies, retirement funds, fund administrators and related persons and entities. The division comprises four departments.

Read more...

The insurance division is responsible for supervising and enforcing the Long-term Insurance Act 52 1998 and Short-term Insurance Act 53 1998 (insurance acts) to realise regulatory objectives of maintaining a fair, safe and stable insurance market that protects policyholders and potential policyholders. In the review period, the division continued to implement its risk-based supervisory framework and took regulatory actions for non-compliance with the insurance acts.

Read more

The department processes a range of local and offshore licence applications, including natural persons (sole proprietors), partnerships, companies, unions and trusts. Given the different legal capacities, structures, categories and business models of each applicant, the department adopts different approaches in scrutinising each licence application.

Read more

The local CIS industry has increased assets under management. Investors had R1.78 trillion invested at the end of March 2015, up R237 billion from R1.54 billion in 2014. The number of portfolios grew by 251 during the period.

Read more

The capital markets department is responsible for supervising South African licensed exchanges, central securities depositories, clearing houses and trade repositories in terms of the Financial Markets Act 19 2012 (FMA). In fulfilling this function, the department strives to ensure sound, efficient and fair capital markets and related services for the trading, clearing and settlement of securities, including appropriate mechanisms for investor protection.

Read more



Quick
Links