The Citizen (KZN)

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.

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