The Financial Sector Conduct Authority (FSCA) announced total fines of nearly R120 million in the past financial year. This figure represents a decline from the previous year, mainly due to the absence of a large-scale fraud case like Steinhoff. The FSCA emphasised its ongoing efforts to enhance market integrity and protect consumers within South Africa’s financial sector.
In an update on enforcement actions, FSCA Commissioner Unathi Kamlana stated that the authority aims to improve its processes. “Our strategic intent is to begin developing advanced digital tools and utilising analytics to detect misconduct earlier. This will enable us to respond more quickly and efficiently while coordinating effectively across the financial landscape.”
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Photo: FSCA South Africa/Facebook
