ALLAN GREENBLO: A refreshing change, or the same old same old?
The new Financial Sector Conduct Authority must fundamentally change perceptions about the bureaucracy in the Financial Services Board it replaces
Every now and then there are one-off opportunities to begin the clean-ups of public entities. Often they follow the exposure of maladministration or worse, and the appointment of a new leader intent on remedial action. It begins at the top. President Cyril Ramaphosa returned Nhlanhla Nene and Pravin Gordhan to key ministerial positions in rapid succession. Under their watch now fall such troubled state-owned enterprises as Eskom, Transnet, Denel and SA Airways. The SA Revenue Service is in line for a shake-up too. Not so, however, with the Financial Services Board (FSB). Not yet, at least, despite the Financial Sector Regulation Act having become effective from April. Under the act, the FSB will be collapsed into the Financial Sector Conduct Authority (FSCA). It isn’t as though the FSB is “troubled” in a sense similar to the state-owned enterprises. But similarly what are needed here are enhanced efficiencies coming with a refreshment of personnel under inspired leadership. Demonstr...
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