The Financial Sector Conduct Authority was formed under the FSR Act as a specialised authority responsible for market conduct. It replaced the Financial Services Board in 2018.
The primary objectives are enhancing the efficiency of financial markets, ensuring fair treatment of customers by financial institutions, promoting financial education, and contributing to the maintenance of financial stability.
Licensing and Regulation
To protect customers and foster transparent and ethical practices within the financial sector, the FSCA is responsible for monitoring and enforcing market conduct rules. This entails regulating various aspects of investments, insurance, and other financial transactions, including goods, services, and behaviours associated with them.
Supervision and Compliance
With a strong emphasis on preserving market integrity, the FSCA ensures adherence to laws and regulations that govern the financial sector. Through efficient supervision, it investigates instances of misconduct or non-compliance and takes appropriate actions to address them.
Conclusion
Through its conduct regulation, enforcement, compliance efforts, and consumer education initiatives, the FSCA plays a crucial role in maintaining the integrity and efficiency of financial markets. As the financial sector continues to evolve, the FSCA remains at the forefront, safeguarding consumer interests and promoting a fair and transparent financial marketplace for everyone.
