PRESENTATION TO PARLIAMENTARY PORTFOLIO COMMITTEE ON FINANCE BY THE FINANCIAL SERVICES BOARD ON THE

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PRESENTATION TO PARLIAMENTARY PORTFOLIO COMMITTEE
ON FINANCE BY THE FINANCIAL SERVICES BOARD ON THE
31 MARCH 2005ANNUAL REPORT
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INTRODUCTION

• Rob Barrow
• Executive Officer since July 2005
• General overview of the challenges facing the
  FSB in 2005 and currently
• Nosipho Molope
• Chief Financial Officer since 1 August 2005
• Overview of the 2005 Annual Financial
  Statements
• Dube Tshidi
• Deputy Executive Officer Retirement Funds
• Overview of the current FSB legislative
  programme

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INTRODUCTION BY ROB BARROW

• The 2005 Annual Report is now to a large
  extent history
• Brief overview of the 2005 highlights
• Some current challenges

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BRIEF 2005 HIGHLIGHTS

• Introduction of FAIS legislation 1 September
  2004
• Introduction of a risk based approach to
  supervision and resourcing therefore
• Continued involvement in international
  regulatory bodies
• IOSCO
• IAIS
• IOPS
• CISNA
• (See pages 11 to 13)

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BRIEF 2005 HIGHLIGHTS

• Human Resources
• The number of staff has grown from 148 in 2000
  to 251 at 31 March 2005 (51 female and 60 PDI)
  and will grow to over 350 in the current year
• Considerable management effort is dedicated to
  creating a performance driven, professional
  workforce.
• (See pages 13 and 14)

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BRIEF 2005 HIGHLIGHTS

• Consumer education programme (page 26)
• Industries under our supervision Details set
  out on pages 23 to 55

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CURRENT CHALLENGES

• Full implementation of risk based supervision
  particularly in FAIS
• Pension Fund reform and Retirement Annuity
  issues arising from the Pension Fund
  Adjudicator rulings
• Financial Intelligence Centre Act supervision
• Continued promotion of consumer education
  programme and interaction with the Financial
  Sector Charter codes

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OVERVIEW OF THE 2005 ANNUAL FINANCIAL STATEMENTS
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ABRIDGED INCOME STATEMENT FOR THE YEAR ENDED31
MARCH 2005
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ABRIDGED BALANCE SHEETAS AT 31 MARCH 2005
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STATEMENT OF CHANGES IN FUNDSAND RESERVES
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CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH
2005
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LEGISLATIVE ISSUES

• Pensions review
• Main objective of the review of the current
  legislation is to ensure consistency and to
  resolve problems introduced by the piece meal
  amendments which were effected over a long time.
  The review will also, or should aim at
  consolidating and integrating the various
  retirement funds arrangements

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LEGISLATIVE ISSUES

• Access, compulsion and preservation
• Governance and Regulation (Powers of the
  Regulators)
• Urgent amendments
• Unclaimed benefits.