FSCA imposes R120m in fines amid drop in major fraud cases
The Financial Sector Conduct Authority has revealed that it imposed fines totalling nearly R120 million in the past financial year.
This is a decline from the previous year, attributed to the absence of a large-scale fraud case like Steinhoff.
The FSCA highlighted ongoing efforts to strengthen market integrity and protect consumers within South Africa’s financial sector.
Providing an update on enforcement actions, FSCA Commissioner Unathi Kamlana said the authority seeks to improve its processes.
“The strategic intent here is to begin to deploy advanced digital tools and analytics. The use of analytics to detect misconduct earlier, where we are able to respond faster, much more efficiently, and coordinate more effectively across the landscape.”
The FSCA is placing renewed focus on case management and prioritisation, with an emphasis on high-impact cases.
Kamlana said the report underscores several heightened risk areas that will inform the FSCA’s enforcement priorities in the year ahead.
This includes online harm such as social media scams, signal providers and finfluencers, misuse of financial licences to front unauthorised operations, regulatory examination fraud, and misleading advertising and inappropriate product claims.
“Financial customers must be able to rely on the integrity of licensed institutions, and the FSCA acts decisively where conduct poses material risks. This is reflected in the number of debarments and licence withdrawals effected during the reporting period,” added Kamlana.
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