The FSCA’s new Consumer Advisory Panel, representing South Africa’s retail financial customers, has officially begun its work to ensure consumers’ perspectives are considered in the Authority’s activities.
The panel, formed in November last year, provides the FSCA with independent advice and consumer-focused insights. Its main role is to advocate for the interests of retail financial customers, ensuring their views are considered by the FSCA. This input will cover areas such as research, outreach, and regulation. Additionally, the FSCA expects the panel to highlight consumer concerns about the financial sector that may require the Authority’s attention.
FSCA Commissioner Unathi Kamlana says the panel is one of the mechanisms through which the Authority will deepen its understanding of consumer views and perspectives.
“It will enhance the consumer sentiments we already receive through direct customer-focused research, social media monitoring, and our general complaints monitoring. We hope that it will broaden our insights and enhance our regulatory and supervisory approaches,” says Kamlana.
The panel comprises 11 members: Brendan Pearce, Diane Terblanche, Esme Molefe, Lyndwill Clarke, Magauta Mphahlele, Maya Fisher-French, Nicolette Mashile, Sylvia Papadopoulos, Thandiwe Penelope Zulu, Thulani Njapa, and Wendy Knowler.
Terblanche will chair the panel, with Pearce serving as deputy chair.
The Authority said the panel will not consider complaints from the public.
“The FSCA encourages financial customers to follow established complaints resolution channels to raise any issues they may have with their financial institutions.”
The panel will produce its first annual report in March 2025.
