FSCA’s consumer advisory panel gets down to work

The consumer advisory panel of the Financial Sector Conduct Authority (FSCA) started its work on International Consumer Rights Day on Friday.

It was established in November to provide independent advice and consumer-relevant perspectives on the FSCA’s work.

The FSCA said the panel started its official work by setting its key strategic objectives for the financial year starting on 1 April.

The key function of the panel is to represent the interests of South Africa’s retail financial customers, ensuring that customer perspectives are sufficiently considered in the execution of the FSCA’s work.

These inputs will be in areas such as research, outreach and the regulatory instruments the FSCA uses. It is also envisaged that the panel will proactively inform the FSCA of consumer concerns related to the financial sector that may require its attention.

The panel has a wide range and depth of expertise and comprises 11 members. They are Brendan Pearce, Diane Terblanche, Esme Molefe, Lyndwill Clarke, Magauta Mphahlele, Maya Fisher-French, Nicolette Mashile, Sylvia Papadopoulos, Thandiwe Penelope Zulu, Thulani Njapa and Wendy Knowler.

Terblanche will head the panel with Pearce serving as deputy chair. The panel will produce an annual report on its operations in March 2025.

FSCA commissioner Unathi Kamlana says: “This panel is one of the mechanisms the FSCA uses and will deepen its understanding of consumer views and perspectives. It will enhance the consumer sentiments we receive through direct customer-focused research, social media monitoring and our general complaints monitoring. We hope it will broaden our insights and enhance our regulatory and supervisory approaches.”

The panel will not consider complaints from the public.

The FSCA says it encourages financial customers to follow established complaints resolution channels to raise any issues they may have with their financial institutions.