Jobs at FSCA South Africa

Purpose of the Role:

To build and implement processes to respond to the supervisory and regulatory elements of the Ombud Council's mandate. This entails ensuring that functions such as ombud scheme recognition, designation, rule-making, supervision and enforcement are developed and implemented in line with the organisation's operating principles. It also entails developing and implementing the Ombud Council's stakeholder engagement and consumer awareness initiatives.

Key Performance Areas:

• Manage recognition applications and scheme governing rule approvals from current and new ombud schemes in accordance with statutory obligations and timelines in FSR Act
• Deal with jurisdictional matters and manage overlaps between ombud schemes, including appropriate consultation with schemes to identify jurisdictional gaps and overlaps and using Ombud Council designation powers under the FSR Act to address these.
• Facilitate collaboration between ombuds and ombud schemes regarding complaints about financial institutions as contemplated in the FSR Act.
• Develop and implement a regulatory plan for the identification, development, consultation on and finalisation of appropriate Ombud Council Rules, with a focus on increased alignment of scheme processes and develop such Rules in accordance with the processes and timelines in the FSR Act.
• Develop and implement a supervision plan to monitor the performance and compliance of ombud schemes, including through carrying out on-site inspections of ombud schemes and gathering information from schemes, in accordance with the FSR Act.
• Manage ombud scheme reporting processes in accordance with the FSR Act, including ensuring that the structure and content of ombud scheme reporting requirements are appropriately aligned.
• Manage and respond appropriately to complaints about the conduct of ombud schemes, including initiating enforcement action where appropriate.
• Identify opportunities for Ombud Council support of awareness and consumer education initiatives of ombud schemes, the FSCA and other stakeholders and provide such support.
• Coordinate and implement consumer education and awareness initiatives in collaboration with ombud schemes, the FSCA or other applicable stakeholders.
• Coordinate enforcement actions where required to address contraventions by ombud schemes,, in accordance with applicable FSR Act provisions.
• Work closely with the CEO / Chief Ombud, the National Treasury and other affected stakeholders in terms of policy reform to remain abreast of evolving regulatory frameworks, particularly to identify implications for the regulatory and supervisory functions of the Ombud Council and ensure the Ombud Council's interests are addressed.
• Participate in discussions and support the Chief Ombud to co-ordinate engagements with the National Treasury, ombud schemes and other key stakeholders on the impact of and implementation of legislative and regulatory reforms, including the World Bank Diagnostic recommendations.
• Ensure that regulatory and supervisory plans and processes take appropriate account of evolving regulatory reforms.
• Develop and implement a stakeholder engagement plan, together with the Head: Operations
• Ensure appropriate communication and ongoing engagement with all statutory and industry ombud schemes.
• Work closely with the FSCA, other applicable regulatory authorities and ombud schemes in developing appropriate processes for providing analysis on complaint related trends in the industry as well as feedback on conduct of financial institutions.
• Manage the interface with the FSCA and other applicable regulatory authorities, especially on the core supervisory and regulatory functions, where there are interdependencies.
• Support the Chief Ombud with the management of the media on any issues pertaining to the promotion of or reputational risk to the Ombud Council.
• Work closely and collaboratively with the Head of Operations to support the Ombud Council's achievement of and reporting on its performance commitments.
• Support the Chief Ombud in ensuring appropriate communication with and reporting to the Board on matters within the scope of the role.

Requirements

• Undergraduate degree including relevant subject areas being law, financial sector regulation, compliance, risk management, and / or economics.
•  A postgraduate qualification in relevant subject areas, with relevance to the financial sector would be advantageous.
• Minimum 10 years' demonstrated experience of working in or closely engaging with the financial sector supervisory, regulatory or policy environments. M
• inimum 10 years' demonstrated experience in developing, analysing, implementing, enforcing and / or supervising compliance with financial sector laws. Experience in or demonstrated exposure to the ombud or other alternative dispute resolution environment will be an advantage.
• Experience in consumer education or consumer protection initiatives will be an advantage

go to method of application »

Purpose of the Job:

To assist the department in ensuring that the approved authorised Financial Services Providers (FSPs) and their Compliance Officers complies with the Financial Advisory and Intermediary Services (FAIS) legislation. The person appointed to these positions will report to the Manager.

Key Performance Areas:

• Analyse annual financial statements and other statutory returns of Financial Services Providers to ensure that proper reporting standards  have been followed;
• Liaise with Financial Services Providers on issues of non-compliance identified during analysis of statutory returns;
• Identify and report trends in the financial services sector with possible impact on the FSCA’s regulatory objectives;
• Assess financial statements in line with the business model of Financial Services Providers;
• Identify financial risks based on analysis of financial statements and any other financial information;
• Analyse problems identified by regulated entities or as a result of new innovations and recommend solutions;
• Support team members with analysis of other forms of financial reports;
• Perform on site inspection in terms of risk based supervision approach;
• Liaison with various stakeholders; and
• Assist the team with ad-hoc projects.

Requirements

• A Bachelor’s degree in commerce, law or related field with at least 3 to 4 years relevant experience of financial services industry or compliance management. The candidate must have good knowledge of Financial Advisory and Intermediary Act (FAIS Act), the Financial Sector Regulation Act, 9 of 2017 (FSR Act) and other relevant financial sector laws.