Financial Sector Regulation Act 9 of 2017

Act 2017

Molao wa Taolo ya Lekala la Ditšhelete

Effective: 1 Apr 2018

Last amended: 1 Apr 2024

Plain-English summary

Act No. 9 of 2017, or simply the Financial Sector Regulation Act, abbreviated as the FSR Act, is among the most vital statutes of South Africa. This groundbreaking piece of legislation transformed the regulatory framework of South Africa through the creation of the "Twin Peaks" system. For the purposes of ensuring the stability of the system and providing proper consumer protection, and learning from the 2008 global financial crisis, the Act separated the regulatory function into two institutions, namely the Prudential Authority (PA), located within the South African Reserve Bank, in charge of the welfare and soundness of entities, and the Financial Sector Conduct Authority (FSCA), which regulates market conduct and ensures the protection of the rights of financial consumers. FSR Act was continuously amended to deal with risks, and the last major amendments entered into force on 1 April 2024.

Who it applies to

Banking · Insurance · Capital Markets

Topics

Prudential & Capital Conduct & Consumer Protection

Official source

Latest news

RBI extends supervisory directions for Industrial Co-operative Bank Ltd. 3 Oct 2026
The Reserve Bank of India has extended supervisory directions issued to The Industrial Co-operative Bank Ltd., Guwahati under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive…
RBI finalizes Basel III market risk capital requirements for banks 26 Sep 2026
The Reserve Bank of India has issued final Directions on minimum capital requirements for market risk under the revised Basel III framework, effective April 1, 2027. The framework adopts the Simplified Standardised…
RBI penalizes gold-loan fintech KLM Axiva Finvest Limited for auction surplus non-payment 26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on KLM Axiva Finvest Limited for regulatory non-compliance discovered during statutory inspection. The company failed to remit surplus amounts to…
RBI penalizes Hero Fincorp for excess interest collection breaches 26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of 10 lakh rupees on Hero Fincorp Limited on September 22, 2026, following supervisory findings of non-compliance with RBI's "Fair Practices Code for Lenders…