Administrative fines by the FSCA

Concerned businesses have approached Sakeliga with information indicating that the Financial Sector Conduct Authority has established a practice of imposing administrative fines on financial institutions, coupled with excessive case investigation costs for the Authority. In addition, it appears that the Authority is not remitting the fines to the Treasury as required by law. This means that the Authority may be maintaining an additional and illegal revenue stream for itself, which is then ploughed back into, among other things, the enforcement of BEE measures in the financial sector.