THE FSB TEAM
                                 DUBE TSHIDI 
                              EXECUTIVE OFFICER
                               JONATHAN DIXON 
                           DEPUTY EXECUTIVE OFFICER:
                                   INSURANCE
                                JURGEN BOYD
                           DEPUTY EXECUTIVE OFFICER:
                               RETIREMENT FUNDS
                              GERRY ANDERSON
                DEPUTY EXECUTIVE OFFICER: MARKET CONDUCT AND 
                              CONSUMER EDUCATION
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                             AGENDA
            ROLE OF THE FSB IN THE FINANCIAL SECTOR
            LESSONS FROM THE FINANCIAL CRISIS
            STATUS AND MAJOR INITIATIVES IN FSB REGULATED 
             SECTORS
                  –
                  INSURANCE
                  –
                  INVESTMENT INSTITUTIONS AND CAPITAL MARKETS
                  –
                  RETIREMENT FUNDS
                  –
                  FINANCIAL ADVISORY AND INTERMEDIARY SERVICES (FAIS)
            TREATING CUSTOMERS FAIRLY (TCF)
            FINANCIAL INCLUSION
                  –
                  MICROINSURANCE
            ENFORCEMENT
            CONSUMER EDUCATION - (ACCOMPANYING PRESENTATION)
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                    ROLE OF THE FSB
             
              ESTABLISHMENT OF THE FSB:
             – The FSB was established by the Financial Services Board Act, 
               No. 97 of 1990, to oversee primarily the non-banking financial 
               services industry in South Africa in the public interest
             
              THE MISSION OF THE FSB IS TO PROMOTE:
             – Fair treatment of consumers of financial services & products;
             – Financial soundness of financial institutions;
             – Systemic stability of the financial services industries;
             – Integrity of financial markets and institutions
             
              THE FSB REGULATES THE FOLLOWING SECTORS:
             – Insurance, collective investment schemes, capital markets, 
               private retirement funds, financial services providers
             
              THE FSB CONDUCTS ITS WORK THROUGH:
             – Developing the regulatory framework (with National Treasury)
             – Off-site reporting
             – On-site visits
             – Inspections
             – Enforcement actions (including curatorships)
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                    LESSONS FROM THE 
                      FINANCIAL CRISIS
          G20/Financial Stability Board recommendations:
           Proper financial supervision critical to financial and 
            economic stability
           System-wide supervision
                
                Include unregulated entities (e.g. hedge funds)
           Conglomerate supervision
           Macro-prudential regulation
                
                Systemically significant entities
                
                Macro-prudential surveillance and tools
                
                Anti-cyclical capital requirements
           Supervisory co-ordination
                
                Supervisory colleges
                
                Peer reviews
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          STATUS OF INSURANCE SECTOR
            
             INDUSTRY ANALYSIS
             – Limited direct fallout from financial crisis
             – Recent recovery in asset markets has generally improved 
               financial positions
             – Results have suffered from economic slowdown – lower sales 
               and increased lapse & surrender rates
             – Increased number of smaller insurers experiencing financial 
               strain
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