FSCA ramps up war on scammers with almost R1bn penalties issued and the 1 061 licences suspended
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GUEST – Gerhard Van Deventer, the Divisional Executive of Enforcement at the Financial
Sector Conduct Authority (FSCA)
The Financial Sector Conduct Authority (FSCA) ramped up its war on financial scammers over the past year, as shown by the nearly 10-fold increase in administrative penalties in the year to March 2024. Total penalties imposed over the year tallied R943 million on 31 people, up from a little over R100 million the prior year, according to the FSCA’s Regulatory Actions Report 2024 released on Friday.
Sector Conduct Authority (FSCA)
The Financial Sector Conduct Authority (FSCA) ramped up its war on financial scammers over the past year, as shown by the nearly 10-fold increase in administrative penalties in the year to March 2024. Total penalties imposed over the year tallied R943 million on 31 people, up from a little over R100 million the prior year, according to the FSCA’s Regulatory Actions Report 2024 released on Friday.