FSCA Expression of Interest: Membership Consumer Advisory Panel

The Financial Sector Conduct Authority (FSCA), a market conduct regulator for the South African financial sector, is creating a Consumer Advisory Panel (Panel) to strengthen consumer representation in the financial sector regulatory environment. The Panel will assist in protecting the rights and interests of financial customers and supporting public confidence and trust in South Africa’s financial sector.

The FSCA is mandated to, amongst others, promote fair customer treatment by financial institutions, and to provide financial education and promote financial literacy. It has set the following strategic objectives:

1. Improve industry practices to achieve fair outcomes for financial customers
2. Act against misconduct to support confidence and integrity in the financial sector
3. Promote the development of an innovative, inclusive and sustainable financial sector
4. Empower households and small businesses to be financially resilient
5. Accelerate the transformation of the FSCA into a socially responsible, efficient, and responsive conduct regulator

To achieve its mandate and objectives, the FSCA is deepening its understanding of consumer views and perspectives. The Panel is one mechanism through which the FSCA will do so; others include direct customer-focused research, social media monitoring, and complaints monitoring. Consumer insights contribute toward enhanced policy development, consumer education initiatives, and regulatory, supervisory and enforcement approaches.

The FSCA is seeking applications from experienced persons who can provide consumer-focused insights to enhance the consumer perspective in the financial sector and contribute toward improved customer treatment. This includes but is not limited to representatives of consumer associations and NGOs, consumer advocates, academics, financial literacy experts and members of the media. Applicants should have good verbal and written communication skills.

Membership of the panel is not a full-time commitment. As set out in the draft Terms of Reference, the panel is expected to meet four times a year, to produce a report annually on its activities, and to provide inputs to the FSCA as and when required.

The FSCA will be considering members who provide a suitable mix of representation relevant to South African consumer demographics.

To submit a membership application, please submit your CV and motivating covering letter to  In your cover letter, please provide reasons for your interest and skills/expertise that would further the Panel’s mandate.

DRAFT TERMS OF REFERENCE

PURPOSE

- The Consumer Advisory Panel (Panel) is established in terms of section 283 of the Financial Sector Regulation Act (FSR Act), which requires: “each of the financial sector regulators and the Ombud Council to establish and give effect to arrangements to facilitate consultation and the exchange of information with financial institutions, financial customers, and prospective financial customers on matters of mutual interest”.

- The Panel is further established in terms of section 68(2) of the FSR Act, which provides that the Executive Committee of the Financial Sector Conduct Authority (FSCA) may establish one or more other subcommittees for the FSCA, with functions that the Executive Committee may determine.

- The Panel is therefore established to serve as an advisory body to the FSCA, to provide ongoing advice and consumer-relevant perspectives to the FSCA in relation to its work as a market conduct regulator for the South African financial sector. It represents the interests of retail financial customers in South Africa.

COMPOSITION OF THE PANEL

- Members of the Panel are appointed by the Executive Committee of the FSCA.

- The Panel will consist of a maximum of 11 members

- The FSCA may appoint to the Panel, consumers or persons representing and/or knowledgeable about the needs and interests of consumers, as it considers appropriate.

- Panel members are appointed to serve a three-year term, which may be renewed once.

- The FSCA will appoint a chairperson and deputy chairperson.

FUNCTIONS OF THE PANEL

- The Panel will be responsible for:

- Providing ongoing advice and inputs on…