The Financial Sector Conduct Authority (“FSCA”) took the financial services industry on a journey of change. A change to make the financial services industry better for all. Most businesses are well on their way to implementing the principles of treating customers fairly using a market conduct framework as the base.
As Heraclitus said: “Change is the only constant”… and I say, we need to embrace it. Businesses must use the new & updates to regulations as opportunities to transform their approach. Not just for the longevity of their businesses, but also to foster honest, meaningful, lasting relationships with their clients. The COVID-19 pandemic nudged businesses to move into a remote-techno world.
The Conduct Standard for Banks was issued by the FSCA with various implementation timelines – ranging from some clauses effective immediately, others within 8 months and some within 12 months. These Standards aims to ensure that banks deliver fair customer outcomes in a disciplined, transparent and consistent manner.
Some of the themes in the conduct include – culture & governance, design, suitability, advertising, disclosures and complaints.
Change is here… contact us today to discuss ways to transform your business in order to remain relevant.
Fathima Khan-Ahmod
Ahmod Consulting (Pty) Ltd
Ahmod Consulting 