FSCA’s Consumer Advisory Panel starts working

The Consumer Advisory Panel of the FSCA started its work on International Consumer Rights Day on 15 March.

The Financial Sector Conduct Authority (FSCA) said in a statement that the panel started its official work by setting its key strategic objectives for the financial year starting on 1 April 2024.

The key function of the panel is to represent the interests of South Africa’s retail financial customers, ensuring that customer perspectives are sufficiently considered in the execution of the FSCA’s work.

These inputs will be on areas such as research, outreach and the regulatory instruments the FSCA uses. It is also envisaged that the panel will proactively inform the FSCA of consumer concerns related to the financial sector that may require its attention.

ALSO READ: Watch out for old and new scams that can cripple your life

Experienced panel members

The panel has a wide range and depth of expertise and comprises these 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 lead the panel, with Brendan Pearce serving as deputy chair. The panel will produce an annual report on its operations in March 2025.

“This panel is one of the mechanisms the FSCA use 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,” Unathi Kamlana, FSCA commissioner, says.

The Consumer Advisory Panel will not consider complaints from the public. The FSCA says it encourages financial customers to follow established complaints resolution channels to raise any issues they may have with their financial institutions.