The Financial Services Board
South Africa’s banking and financial services industry earned international kudos for weathering the storm which, in 2008 and subsequently, swept through and over their Northern Hemisphere counterparts. This is, in part, due to the Republic’s regulatory regime and in which the Financial Services Board plays a significant role.
Established in terms of the Financial Services Board Act 1990,1 its core purpose is to supervise compliance with the various laws regulating financial institutions and the provision of financial services, and to advise the Minister of Finance.
It is an offence to adopt a name (or description) for any business, company, etc. which implies some connection with the Financial Services Board, unless authorised by the Board.2
It is also an offence for any member of the Board to disclose any information obtained in the performance of his duties, except if legally required to do so.3