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Financial Services & Capital Markets

Financial Services

South Africa's most governance-intensive industry, operating under a Twin Peaks dual regulatory model. The FSCA governs market conduct while the Prudential Authority within SARB governs financial soundness. Most financial services organisations are dual-regulated simultaneously, subject to both a conduct authority and a prudential authority.
Applicable legislation

Key legal frameworks

Financial Advisory & Intermediary Services Act 37 of 2002 (FAIS)
Banks Act 94 of 1990
Insurance Act 18 of 2017
Financial Sector Regulation Act 9 of 2017 (Twin Peaks)
Financial Intelligence Centre Act 38 of 2001 (FICA)
Regulators

Who oversees this industry

FSCA. Financial Sector Conduct AuthorityPA. Prudential Authority (SARB)FIC. Financial Intelligence CentreFAIS / Banking / OLTI Ombuds
King V principles most affected
P5. CompositionP6. CommitteesP8. RiskP9. ComplianceP11. Remuneration
What Encircle tracks for Financial Services
FSP licence compliance and Key Individual registration
Fit-and-proper requirements for directors and key persons
Conduct risk framework, product suitability, disclosure, conflicts of interest
Prudential compliance, capital, solvency, and liquidity ratios
FICA: RMCP, KYC/CDD, PEP screening, STR/CTR reporting

Your Financial Services industry profile

Industry Intelligence is in build. Once it lands, Encircle will load the specific legislation, regulations and professional standards that apply to your industry, with no manual configuration. The six launch frameworks are live today and are not waiting on it.

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Encircle loads your industry-specific obligations automatically. See exactly where your gaps are.

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Early sign-on offer
Early access clients get preferential launch pricing and priority onboarding. Applies to all requests submitted before platform launch.

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