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South Africa: Eyebrows Raised As Financial Sector Conduct Authority Delays Release of Annual Report

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The financial year-end for both the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) at the SA Reserve Bank (SARB) was 31 March 2020. The PA published its annual report for the period on SARB’s website on 29 June. As for the FSCA – nada.

There seems to be some misunderstanding about when the annual report of a public body actually becomes publicly available for open discussion. But when it comes to the high ranks of the Financial Sector Conduct Authority (FSCA), which reports to Parliament through the minister of finance, there should be no such confusion. Evidently, however, there is.

According to feedback received from the regulator’s public relations firm, the 2020 annual report was due to be in Parliament on 11 November, and “then gets tabled… and once this happens, the FSCA is then able to release to the public”, they state.

“With Covid-19, the process of tabling and the committee coming together could take three weeks.”

But Business Maverick questioned this stance, as by law, as soon as the publication is tabled in Parliament, which happens as soon as it gets there, it is a matter of public record. So there is no basis on…

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