Financial Services Board Litigation

Johan2020.2

Johan Moorcroft

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Lindiwe Makhoba

KUVE

Kuvashkir Naidoo

TSHIFHIWA MABUDA

Tshifhiwa Mabuda

j kaplan

Jonathan Kaplan

a allison

Abraham Allison

What is Financial Services Board Litigation?

Financial Services Board (FSB) litigation refers to legal proceedings involving the FSB, which regulated South Africa’s non-banking financial services industry until 2018. The FSB’s primary role was to ensure compliance with financial laws and protect consumers by overseeing institutions like insurers, pension funds, and investment schemes. Litigation involving the FSB typically arose from regulatory enforcement actions against financial institutions for violations of financial regulations, as well as from consumer complaints regarding misconduct or fraudulent activities.

In 2018, the FSB was replaced by the Financial Sector Conduct Authority (FSCA) under the Financial Sector Regulation Act. The FSCA continues the regulatory and supervisory functions of the FSB, focusing on promoting fair treatment of consumers, ensuring market integrity, and enhancing the efficiency of the financial sector. Litigation involving the FSCA similarly addresses regulatory enforcement, consumer protection, and corporate governance issues, reflecting its expanded mandate to oversee the conduct of financial institutions in South Africa.