What does FSB Stand For?
The Financial Services Board, or FSB, is an institution by government statute. Its purpose is to oversee players in the financial services industry that are not part of the banking system so that they act in the best interests of the people of South Africa.
The FSB is completely independent and derives income from levies and fees that it imposes on the sector that it regulates.
For over two decades, this body has been in force and has gotten a very credible reputation both in South Africa and abroad.
During its tenure, been instrumental in contributing to the industry’s stability as a whole and, in protecting the interests of consumers in this field.
It’s established itself as a key player in the industry, both locally, internationally and on the African continent. It has contributed to the development of several strong regulatory frameworks.
The mission of the FSB is to act as an enabler for good business practices in its market. It aims to promote robust financial strategies that result in sound investment in South Africa as a whole.
What can the FSB Do for You?
For the consumer, the FSB ensures that you received equitable treatment by those providers that fall under its remit. It cracks down on unsafe investment practices and aims to make sure that your overall investment environment is a safe one.
The FSB is the body that grants licenses to those who sell financial products. By law, if someone is selling financial products, they must have a licence. As a consumer, you are must contact the Financial Services Board to check on this before dealing with the provider.
You should note that pyramid schemes fall under the ambit of the South African Reserve Bank and not the FSB.
Financial products such as retirement funds, insurance – both short- and long-term; funeral cover; pooled investments such as unit trusts; and other schemes fall under the remit of the Financial Services Board. Brokers and financial advisors also fall under the powers of the FSB.
If you want to check if a service provider has a valid Financial Services Board licence, whether or not a broker or financial advisor is legal to practice, or if you wish to raise a concern about a particular provider, you can contact the FSB on 0800 11 04 43.
Procedure for Lodging a Complaint
The FSB should have a measure of last resort if you have a complaint regarding a service provider. You will need to provide evidence that you have tried to resolve the issue with the service provider concerned before you to lodge a complaint.
Keep copies of all correspondence with the service provider for when you make your complaint to the FSB. Your complaint to the FSB will also need to be in writing.
Call the call centre, and they will direct you as to the procedure to follow going forward.
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