South Africa: Financial Sector Conduct Authority Consults on Draft Conduct Standard for Banks

On May 15, 2019, the Financial Sector Conduct Authority (FSCA) in South Africa released a consultation paper on a draft conduct standard for banks, under the mandate of the Financial Sector Regulation Act 2017, seeking the public’s feedback.

The conduct standard is applicable to banks and, in particular, to those whose functions relate to the provision of financial products and services. It aims to ensure that all customers of a bank will be treated fairly and receive financial products and advice that are suited to their needs.

The conduct standard touches upon the following issues, among others:

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