New website will change the way FSPs interact with the FSCA

Navigating the Financial Sector Conduct Authority’s website is about to get much easier. With a major digital transformation under way, the Authority is revamping its platforms to offer a seamless, user-friendly experience that caters to the industry and the public.

At the Authority’s recent Industry Conference, Phokeng Mogase, the FSCA’s chief information officer, outlined the plans to introduce a transactional website – a significant upgrade from the current static version.

The FSCA’s goal is to ensure that no matter how stakeholders engage with the regulator – via website, email, phone, or in person – the experience remains consistent and seamless.

“Do you know how irritating it is that you phone, speak to one person today, and then tomorrow, when you call, you have to start your story from scratch?” Mogase said during a panel discussion. “We are trying to make sure that our access channels are so interrelated that when you come back – whether it’s in 30 minutes or two days – you don’t need to start from scratch.”

Setshedi Huma (pictured), enterprise architect for ICT data and analytics at the FSCA, also addressed the challenges stakeholders face when accessing and understanding the FSCA’s vast information resources.

He said legal jargon often complicates comprehension, and although the FSCA provides updates through newsletters and notices, these communications do not always foster meaningful engagement.

There is a need for better feedback mechanisms that allow users to tailor the information they receive.

One of the biggest pain points for users is the flood of general notifications that may not always be relevant. To address this, the FSCA is developing a system that will deliver personalised and targeted updates based on user preferences.

Providing users with a glimpse of what to expect, Huma said that beyond refining web-based services, the FSCA is embracing emerging technologies. AI-driven chatbots and a mobile app are in the works, promising to simplify access to critical information. Additionally, new notification options – such as WhatsApp alerts – will complement email and SMS updates.

Persona-driven categories

As part of its digital transformation, the FSCA is redesigning its website to be persona-driven, tailoring the user experience to eight key stakeholder groups: compliance officers, investors, financial service users, product developers, new service providers, financial services providers, job seekers, and researchers.

Explaining the shift, Huma said although the FSCA mostly engages with institutions, there are individuals behind these entities.

“We needed to see the people behind the organisations and the specific jobs they’re trying to do,” he said.

Huma used compliance officers as an example to illustrate the FSCA’s approach to building user personas. Compliance officers may work in different organisations and have varying responsibilities, but they share common challenges and objectives.

To understand their needs better, the FSCA identified the core tasks compliance officers perform and grouped them into a defined profile. This process allowed the regulator to analyse the difficulties these professionals face when interacting with the FSCA, such as accessing relevant information or navigating different touchpoints.

By pinpointing these friction points, the FSCA could develop targeted solutions to streamline interactions and improve the user experience.

“Based on that, we then formulated the capabilities that we will slowly bring out,” Huma said.

Central access point

The revamped website will serve as a central access point for all FSCA portals and online services, featuring an improved user interface and streamlined navigation.

According to Huma, the development team is in the final stages of testing.

A key feature of the new design is persona-based navigation. Upon visiting the site, users will select the persona that best matches their role at that moment – recognising that individuals may engage with the FSCA in different capacities.

Each persona will have tailored access to relevant information and tools, reducing the need for users to navigate complex menus or know exactly where to find what they need.

Navigation on the new FSCA website will not only be guided by user personas but also by the specific services users typically need. These interactive services, many of which are already available, are being enhanced and expanded.

Huma explained that currently, these tools are scattered across different sections of the website, making them difficult to find. The redesign aims to categorise them more logically, allowing users to locate and access the services they need more quickly and efficiently.

The FSCA’s website redesign is not only focused on compliance officers and regulated entities –it also aims to serve consumers better. New educational tools and services, such as assisting with claiming benefits, will be introduced to enhance consumer engagement.

In addition, it will include a news section and a comprehensive footer section. The latter will serve as a safety net for users who may not fit into predefined categories, providing direct access to key resources and portals.

The redesigned site will also act as a gateway to all FSCA portals, including the upcoming supervisory technology platform, ensuring seamless access to regulatory tools and information.

Read: FSCA says new digital platform will streamline compliance and regulation

Online bookings – face-to-face engagement

The site will introduce an online booking system to improve accessibility and direct engagement with the FSCA’s experts. Huma said although email communication remains an option, feedback has shown that stakeholders prefer real-time interactions with FSCA representatives.

The new system, inspired by virtual consultations during Covid-19, will allow users to book appointments with subject-matter experts. FSCA teams will publish their available services, and designated personnel will set their availability in a roster.

Here’s how it will work:

• A user receives a regulatory notice but is unsure how it applies to their business – for example, its impact on an advertising campaign.
• They start by using the FSCA’s new chatbot, which provides an initial response.
• If further clarification is needed, the chatbot will offer an option to book a session with an FSCA expert.
• The user selects a suitable date and time from the available slots.
• Once confirmed, they receive an email with the booking details.
• If necessary, they can cancel or reschedule the appointment.
• The meeting takes place via Microsoft Teams.

Online registry

The site will introduce an enhanced online registry to simplify searches for entities, persons, enforcement actions, and non-enforcement actions.

Huma said compliance officers frequently need to verify information, check registries, review notices, and track enforcement actions, such as debarments and warnings. Although this information is currently available, users must know exactly where to find it on the site.

To streamline the process, the FSCA is consolidating these resources into a single, user-friendly platform.

Huma noted that the enhanced online registry is set to improve transparency, consumer protection, and regulatory compliance by providing a centralised hub for critical financial sector information.

One of the primary benefits is entity verification, allowing users to confirm whether a financial services provider or individual is authorised by the FSCA.

The registry will also enhance transparency by providing detailed information on firms and individuals, including their trading names, contact details, and regulatory status.

Consumer protection is another key focus. The registry includes a list of unauthorised entities and individuals involved in scams or regulatory breaches.

For industry professionals, the platform offers access to a directory of compliance officers and approved valuators, ensuring that firms can verify the credentials of individuals performing regulated activities.

The registry will also serve as a resource for regulatory compliance and enforcement actions, offering up-to-date insights into regulatory changes and enforcement measures.

The registry will feature:

• An intuitive interface with categorised tabs, making it easier to navigate.
• A drop-down menu that allows users to select the specific type of information they need, directing them to the relevant section.
• Advanced filtering options to help refine searches for faster access to relevant data. As a user types, the system will provide predictive suggestions to speed up the search process.
• A search function for enforcement and non-enforcement actions, with options to view related media releases, orders, and other supporting documents.

Updated subscriptions and notifications

The new website will introduce an improved subscription and notification system, offering users greater flexibility and personalisation.

One key upgrade, Huma said, is the ability to sign up using social identities, such as LinkedIn or Google, allowing users to log in without storing personal information on the FSCA’s system.

For those who prefer to create an account directly with the FSCA, the site will provide password management services, including resets if needed.

The revamped subscription service will enable users to tailor their notifications by selecting from a range of categories and sub-categories. These include preferred communication methods (email, SMS, and soon, WhatsApp), as well as alerts on warnings, enforcement actions, FSCA events, career opportunities, and educational resources.

Users can refine their selections further – for instance, under enforcement notifications, they can choose to receive updates on curatorships, directives, enforceable undertakings, and Financial Services Tribunal rulings.

Huma added that to improve the user experience, the FSCA is also working on AI-driven notification summaries. Instead of receiving lengthy notices, users will receive concise, relevant summaries via their preferred communication channel, allowing them to grasp key information without having to read full documents, unless they wish to do so.

AI-powered search

Circling back to the AI-powered search function – the FSCA’s assist chatbot – Huma said this tool, which is still in development, aims to simplify navigation and provide users with faster, more accurate responses.

Huma acknowledged the widespread excitement around artificial intelligence but said the Authority’s focus is on making it practical and reliable.

He explained the AI-powered search will function similarly to ChatGPT but will be grounded exclusively in the FSCA’s verified data.

Once implemented, the AI search will be accessible directly on the FSCA website.

“You will be able to use it to get to the information that you’re looking for, and you will use natural language,” Huma said.

He said further enhancements to the FSCA’s digital services are planned, with a focus on payment services and profile management.

“One of the biggest challenges was payment services, and making payment services easier for stakeholders will be one of the next things to do,” he said.

Another long-standing challenge has been profile management, which the FSCA intends to improve once its supervisory technology (suptech) team completes their updates.

“We’ve been waiting for the suptech to finish off the profile management on the suptech level, and once they’re done, we’ll be elevating it to the site and just making sure that there’s seamless access and consistency across,” he said.

Rather than launching all new features at once, the FSCA will gradually roll them out as they become available.