PLAN FOR FINANCIAL-SECTOR TRANSFORMATION

The Financial Sector Conduct Authority (FSCA) has released for public comment its draft strategy on transformation in the sector. In a statement, the FSCA says: “A strategic objective of the FSCA is the development of an innovative, inclusive, and sustainable financial system. This includes supporting the transformation of the financial sector.” The Financial Sector Regulation Act, which established the FSCA, includes as an object the promotion of transformation. The Conduct of Financial Institutions Bill, expected to be tabled this year, will further strengthen the powers of the FSCA in relation to transformation.