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

1
PRESENTATION BY THE FINANCIAL SERVICES
BOARDTOTHE PARLIAMENTARY PORTFOLIO COMMITTEE ON
FINANCEONTHE FSB ANNUAL REPORT FOR THE
FINANCIAL YEAR ENDED ON31 MARCH 2007
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THE FSB TEAM

• ROB BARROW
• EXECUTIVE OFFICER
• NOSIPHO MOLOPE
• CHIEF FINANCIAL OFFICER
• DUBE TSHIDI
• DEPUTY EXECUTIVE OFFICER
• INVESTMENT INSTITUTIONS
• JURGEN BOYD
• DEPUTY EXECUTIVE OFFICER
• RETIREMENT FUNDS

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SIGNIFICANT REGULATORY ISSUES

• Secret profits made by Pension Fund
  Administrators
• Curatorship of Fidentia / Common Cents / Ovation
• Curatorships of a number of Pension Funds for
  abuse of surpluses through the application of the
  Ghavalas option
• Apportionment of pension fund surpluses in terms
  of the Pension Funds Second Amendment Act

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SIGNIFICANT REGULATORY ISSUES

• Implementation of the Financial Advisory and
  Intermediary Services Act
• Insurance industry issues arising from the
  Pension Funds Adjudicator rulings / Statement of
  Intent signed by the Minister of Finance and the
  Contractual Savings Industry discussion
  document.
• The listing of the JSE Limited following on
  demutualisation

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STRATEGIC OBJECTIVES

• Set out on pages 112 to 115 of the report
• Objectives are long term in nature
• Strategic plan revised in the current period
• Achievement of objectives managed through
  departmental business plans prepared annually and
  reported on quarterly
• Independent stakeholder opinion survey
• 74 positive on relevance of delivery standards
• 71 positive on professional conduct
• 72 positive on FSB fulfilling its mandate

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STRATEGIC CHALLENGES FOR THE FUTURE

• Management / employee skills development
• Continue to ensure that the regulatory framework
  remains relevant
• Continue to enhance supervisory enforcement
  structures
• Consumer Education
• Continue to promote transformation