The Enforcement Committee is an administrative body established to adjudicate on all alleged contraventions of legislation, regulations, codes of conduct, etc.
administered by the Financial Services Board. The Committee may impose
unlimited penalties, compensation orders and cost orders. Such orders are
enforceable as if it was a judgment of the High Court of South Africa.
The FSB has stipulated effective enforcement
as an important factor in its strategic plan. To aid effective enforcement, the
FSB Enforcement Committee (EC) was established by statute in the Financial
Institutions (Protection of Funds) Act, 2001. The Committee considers cases of
alleged contraventions of legislation administered by the FSB. The Committee is
appointed by the Board of the FSB.
EC members are appointed for their knowledge and experience (with reference to the different industries). In addition, the chairperson and deputy chairpersons
must either be advocates or attorneys with more than 10 year’s experience, or
Enforcement Committee Frequently Asked Questions
Kindly note that complaints should not be addressed to the Enforcement Committee or the Enforcement Unit of the FSB. Complaints should be lodged with the relevant Registrar, who will decide on a possible inspection, investigation and referral to the Enforcement Committee.