A supervisory body is a functionary or institution referred to in Schedule 2 of the FIC Act. Supervisory bodies are responsible for ensuring that the accountable institutions in their particular businesses sectors comply with FIC Act requirements. For example, the Prudential Authority of the South African Reserve Bank is the supervisory body for the banking sector.

The FIC oversees and enforces FIC Act compliance among non-financial sectors including trust and company services providers, legal practitioners, high-value goods dealers, SA Mint Company, crypto asset service providers, and the financial sector in respect of credit providers. The FIC also conducts inspections and enforces compliance where no supervisory body exists.

The Financial Sector Conduct Authority (FSCA) and the South African Reserve Bank are responsible for supervising the following sectors:

• FSCA: Authorised users of an exchange; collective investment schemes managers and financial services providers.
• The Prudential Authority of the (SARB) is responsible for supervising the banking sector, mutual banks, co-operative banks, life insurers, money or value transfer providers and clearing system participants. SARB’s Financial Surveillance department is responsible for supervising of foreign exchange dealers, sellers or redeemers of travellers’ cheques and clearing system participants.

Category: Compliance and supervision / Registering with the FIC