Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana will remain in his position for a second term.
Finance Minister Enoch Godongwana announced the reappointment on Wednesday, confirming it will be effective from 1 June, for another five years.
Kamlana has been in the role since June 2021. He is responsible for developing and implementing FSCA’s regulatory strategy while overseeing its day-to-day operations. The authority ensures consumers are treated fairly and financial markets remain stable.
‘Tough, complex financial environment’
“The steady management at the FSCA, led by Commissioner Kamlana, in a tough, complex environment marked by a rapidly transforming technological and financial landscape and the still urgent need to lower barriers to entry and protecting all consumers of financial services, is proof of the importance of solid institutions with capable leadership,” said Godongwana.
Deputy Commissioners Katherine Gibson and Farzana Badat have also been retained in their positions effective from 27 September and 1 December, respectively.
Gibson oversees Regulatory Policy and Enforcement, while Badat is responsible for Conduct of Business Supervision and the Licensing and Business Centre.
More deputy commissioners still to be appointed
Godongwana will soon replace the third Deputy Commissioner, Asdrid Ludin after she declined to be considered for another term. He will also appoint the fourth commissioner.
“The team has not wavered from the mission to assist in strengthening the legislative frameworks that keep our financial sector on sound footing.
“Testament to this, working together with the National Treasury and other financial sector regulators, the FSCA has supported the development of the Conduct of Financial Institutions Bill, which seeks to establish a consolidated, comprehensive, and consistent regulatory framework for the conduct of financial institutions,” Godongwana added.
He said the team played an important role in overseeing the FSCA’s move to new leadership after the Transitional Management Committee (TMC) was disbanded in September 2021.
The TMC acted as the FSCA executive committee from 1 April 2018, when the authority was set up, until 30 September 2021.
