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Introductory Presentation
GLOPAC 2019 Tokyo, Japan. October 2019
Chesney Kgamedi
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Who is the Prudential Authority (PA)
Established on 1 April 2018
Established in terms of the Financial Sector Regulation Act of 2017 (FSR Act)
Took over the prudential supervision of insurance companies from the then Financial Services Board (FSB), now the Financial Sector Conduct Authority(FSCA)
The take over of the supervision responsibilities from the then FSB was as a result of the adoption of the Twin Peaks model of regulation
The PA is a juristic person operating within the administration of the SARB
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Establishment and mandate
Twin Peaks model
Financial Sector Regulation Act
Prudential Authority (PA)
Where the journey started
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Establishment and mandate
Banks
Insurers
Cooperative financial institutions
Financial Conglomerates
Certain market infrastructures
Mandate of the PA
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Objectives Of the PA
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Structure of the PA and PA Committee
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Structure of the PA and PA Committee
Mr. Lesetja KganyagoSARB Governor and Chairperson of the
Prudential Committee
Ms F TshazibanaSARB Deputy Governor:
Markets and International Economic
Relations
Dr R CassimSARB Deputy Governor: Financial Stability and
Currency
Mr Kuben NaidooCEO of the Prudential Authority and SARB
Deputy Governor
PA Committee
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Structure of the PA and PA Committee
Current senior management structure and the four departments
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Registered insurance entities in SA
Two insurers, Life and Non-life were placed under provisional liquidation
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Industry Overview: Selected Data
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Industry Overview: Selected Data
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Industry Overview: Selected Data
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Industry Overview: Selected Data
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Industry Overview: Selected Data
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Contribution per industry to SA’s GDP
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Hot topics introduced by the FSR Act in SA
The Introduction of the FSR Act introduced transformation of the financial sector and financial inclusion as some of the hot topics
Meaningful ‘transformation’ of the financial sector should not merely be a question of ownership of financial firms, but to how the sector supports real economic activity
What services are provided to consumers?
Who owns the firms that manage the assets?
How are the assets in the system put to use?
Who decides how those assets are invested ?
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Thank You