FSCA (Financial Sector Conduct Authority)

Twin Peaks: two regulators since 2018

Cabinet approved the move to Twin Peaks in June 2011; the Financial Sector Regulation Act 9 of 2017 (FSR Act) was signed on 21 August 2017 (SARB). The Prudential Authority was established on 1 April 2018, and the former regulator, the Financial Services Board (FSB), ceased to exist on 31 March 2018 (FSCA).

The two cooperate: the PA may not issue, vary, suspend or revoke a licence without the FSCA's concurrence (FSR Act, section 126, as explained on the PA's functions page).

What the FSCA does for a policyholder

• Sets and enforces conduct rules — including the Policyholder Protection Rules and the six Treating Customers Fairly outcomes.
• Licenses financial services providers (FSPs) — brokers, advisers and intermediaries — under the Financial Advisory and Intermediary Services (FAIS) Act, 2002, and publishes who is authorised and who is debarred (FAIS verifications).
• Takes complaints about conduct: how a regulated firm behaves and breaches of the laws that govern it.
• Investigates and enforces against unlicensed and fraudulent operators, and publishes warnings and alerts.
• Runs consumer education and the unclaimed benefits search for retirement funds.

Crypto platforms and the FSCA

Since 19 October 2022 a crypto asset is a financial product under the FAIS Act: the FSCA's General Notice 1350 of 2022 (Government Gazette 47334) declared it so, with immediate effect. A crypto asset is defined there as a digital representation of value that is not issued by a central bank, can be traded, transferred or stored electronically for payment, investment or other utility, applies cryptographic techniques and uses distributed ledger technology.

The practical consequence: a business that gives advice or intermediary services on crypto assets in South Africa is a financial services provider that needs an FSCA licence, like an insurance broker. Check a crypto platform the same way as a broker — by FSP number on the Check if a firm is authorised search — before you send money, and check the FSCA's warnings and alerts for its name.

How to check a broker or adviser on the FSCA register

1. Ask the broker or adviser for their FSP number and the name of the licensed FSP they represent.
2. Open the FSCA's Check if a firm is authorised search (Financial services providers).
3. Search by FSP number or name. Check that the licence is active and covers the product you are buying (for example short-term or long-term insurance).
4. Check the debarred persons list on the FAIS verifications page if you deal with an individual representative.
5. For the insurer itself, check that it appears among the licensed insurers — see insurance companies in South Africa.

If the person or company is not on the register, do not pay. The NFO must refer complaints about unlicensed sellers to the FSCA (NFO Rule 4.2.3).

How to report a scam or misconduct to the FSCA

1. Check the FSCA's warnings and alerts to see whether the company is already flagged.
2. Fill in the Complaints / Enquiries form linked from the FSCA contact page or the financial customers page, or email [email protected].
3. Attach what you have: the name used, website or social media page, phone numbers, bank details you were given, proof of payment, messages.
4. If you lost money to fraud, also open a case with the South African Police Service.

From the FSCA contact page, its FAQ and the government's contact directory entry for the FSCA, seen on 29 October 2026.

FSCA unclaimed benefits search, step by step

Under the Pension Funds Act, an unclaimed benefit is a lump sum or pension due to a retirement fund member, or to his or her beneficiaries, that has stayed unpaid — usually because the fund lost contact. If you (or a deceased relative) belonged to a pension or provident fund — even as far back as 1981 — money may still be waiting (FSCA, Unclaimed benefits).

1. Open the free Unclaimed Benefits Search Engine on the FSCA unclaimed benefits page.
2. Enter what you know: name and surname, ID number, the fund's name and the employer's name. Search the old employers of a deceased parent or spouse as well.
3. On a match, the FSCA gives you the contact details of the fund or its administrator — it does not pay anything itself.
4. Contact the fund directly and follow its normal claims process to prove a valid claim — the FSCA can only give you the contact details.
5. No match online? Use the e-mail, SMS or toll-free channels below.

• Online search: the Unclaimed benefits page.
• Email with your ID number: [email protected]; general questions: [email protected].
• SMS: 30913 (ID number) or 30766 (general request).
• Toll-free: 0800 20 3722.

This search covers retirement funds, not life insurance policies.

The Prudential Authority: what it means for your policy

The PA regulates banks, insurers, co-operative financial institutions, financial conglomerates and some market infrastructures (SARB). It processes licence applications under the Insurance Act 18 of 2017 and assesses ownership, governance, risk management and financial resources before an insurer may operate (PA functions).

For you, this matters in one way: its job under section 33(c) of the FSR Act is to protect financial customers against the risk that an insurer cannot pay. It does not handle individual complaints about claims or service.

Who to contact: a quick guide

Sources

1. Financial Sector Regulation Act 9 of 2017 — Government Gazette 41060, 22 August 2017 (National Treasury)
2. Financial Sector Conduct Authority (FSCA) — home page and overview
3. FSCA — Contact us
4. South African Government — Contact directory: Financial Sector Conduct Authority (FSCA): addresses, phone, fax, Commissioner, PAIA e-mail (seen 29 October 2026)
5. FSCA — Financial customers: complaints, Treating Customers Fairly
6. FSCA — Frequently asked questions
7. FSCA — Check if a firm is authorised (financial services providers search)
8. FSCA — FAIS verifications (FSPs, compliance officers, debarred persons)
9. FSCA — Unclaimed benefits
10. FSCA — Latest news, warnings and alerts
11. FSCA — Declaration of a crypto asset as a financial product under the FAIS Act, General Notice 1350, Government Gazette 47334, 19 October 2022 (copy published by Juta)
12. South African Reserve Bank — Prudential Regulation (the Twin Peaks model)
13. South African Reserve Bank — Functions of the Prudential Authority
14. South African Reserve Bank — Contact us
15. NFO — Scheme Rules and Schedule A, Applicable Monetary Limits (February 2024)