FSCA draft strategy gives financial watchdog teeth
The regulator’s draft transformation strategy says firms could receive administrative penalties if they fail to transform their workforce
The Financial Sector Conduct Authority (FSCA) has published a draft version of its transformation strategy for the financial services sector, which outlines pending legislation changes that could see the regulator granted powers to impose administrative penalties on companies that fail to meet transformation targets.
The regulator released its draft transformation strategy document on Monday and is inviting public comments from all interested stakeholders by April 29. The strategy document outlines a broad framework for financial sector transformation that will see the FSCA supervise transformation at a financial institution level as per the Financial Sector Regulation (FSR) Act as well as the proposed Conduct of Financial Institutions Act (COFI), which is still a draft bill...
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