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Amid the revelations of capture and corruption at state agencies, it would have been a relief to discover that it least one is unblemished. But now there’s a cloud of “systemic corporate governance deficiencies” over even the Financial Sector Conduct Authority, or FSCA (formerly the Financial Services Board, or FSB). The cloud has been created by public protector Busisiwe Mkhwebane’s report on allegations of maladministration, abuse of power and improper conduct by former FSB executive officer Dube Tshidi. So damning are her conclusions that the FSCA has no choice but to take the report on review. If the report’s findings are allowed to stand – they may or may not, partially or fully, depending on the review’s outcome – the damage to the credibility of the FSCA would be indelible. And this for a new body, the successor to the FSB, charged with supervising the financial sector’s market conduct and regulating retirement funds. Here is a test for the efficacy of the public protector’s ...

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