Presentation to Parliament Strategic Plan 2012-2017 2 May 2012
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Presentation to Parliament
Strategic Plan 2012-2017
2 May 2012
Presentation Team
� Deputy Minister of Finance
� Abel Sithole : Chairperson Financial Services Board
� Dube Tshidi : Executive Officer
� Gerry Anderson : Chief Operations Officer
� Dawood Seedat : Chief Financial Officer
2
Vision, Mission and Values
Refer page 1 strategic plan
Vision
To regulate and supervise financial institutions and markets to protect consumers
of financial services.
Mission
A sound and trusted financial services and investment environment in South
Africa.
Values
We at the FSB will act ethically, professionally and with integrity at all times. To
this end, we undertake to:
� Demonstrate the highest level of competence;
� Conduct all our business with confidentiality;
� Collaborate effectively as team members to deliver effective services;
� Enhance stakeholder collaboration;
� Apply the regulatory framework in a consistent and fair manner; and
� Treat all with respect and empathy
3
The Strategic Context
The following were considerations in the formulation of the
strategic plan:
� The Economic Landscape (Page 9 of the Strategic Plan refers)
� The Supervisory and Regulatory Framework (Page 12 of the Strategic Plan refers)
� Relationships with Other Local Regulators (Page 12 of the Strategic Plan refers)
� Relationships with International Organisations (Page 13 of the Strategic Plan refers)
� The Performance Environment (SWOT Analysis) (Pages 8-9 of the Strategic Plan refer)
4
Main Pillars
• Over the next 5 years, the strategy will be anchored on 4 main pillars or strategic
outcomes.
• Each of these pillars aims to deal with specific challenges that the FSB faces. In
addition these form the basis on which the subsequent performance plans and
operational plans were developed:
Page 63 of the Strategic Plan refers
1.Empowered
Consumers
2. Proactive
Stakeholder
Involvement
3. Sound
Financial
Institutions
4. Improved
internal
Policies,
Processes &
Procedures
5
Strategic Objectives Per Strategic Outcome
Achieve the milestones per timelines set in the TCF road map by end 2013
Live TCF Framework by end 2014
FSB designated elements of the National Consumer Education Strategy implemented by end 2014
STRATEGIC OBJECTIVES
1. Empowered consumers of financial products and services
Page 65 of the Strategic Plan refers 6
2. Proactive Stakeholder Management
A fully implemented stakeholder management programme by end 2017
A fully implemented communication, brand and reputation management strategy in 2012
Pages 66 and 67 of Strategic Plan refer
STRATEGIC OBJECTIVES
7
3. Sound Financial Institutions
Enhanced regulatory
framework in line with international
standards
Implemented risk based supervisory
plan
Effective enforcement of compliance with
legislation
Pages 67 and 68 of Strategic Plan refer 8
STRATEGIC OBJECTIVES
4. Improved Internal Policies, Processes & Procedures
Comprehensive internal policy
framework updated annually
Adequately resourced FSB
to deliver on strategic plan
Effective and efficient systems,
processes and procedures
fully implemented in
2014
Implemented knowledge
management system for
optimal performance as
an integrated FSB by end
2013
Page 70 of Strategic Plan refers 9
STRATEGIC OBJECTIVES
Activities planned for 2012/2013
During the 2012/2013 financial year the FSB plans to conduct the following visits to
regulated institutions with the aim to assess compliance with legislation:
• FAIS Division : 758
• Pensions Division : 240
• Collective Investment Schemes : 54
• Insurance Division : 54
10
PROJECTS
• CISNA Familiarisation project (All Divisions - for SADC).
• Further Education and Training (FET) colleges project.
• The South African Council of Churches Special Project .
• Education of members of various funeral associations (Regulatory –FAIS Division).
• Committee of Insurance, Securities and Non-Banking Authorities Harmonisation
project (SADC Regulators).
• Upgrade of ICT infrastructure.
Activities planned for 2012/2013 cont…
11
HOSTING OF WORKSHOPS AND CONFERENCES
� FAIS - One Conference, 30 workshops for FSP’s & telematics sessions, 60 workshops (funeral insurance business) “College type training”.
� Four Solvency Assessment and Management workshops.
� Insurance Division – Hosting of IAIS Subcommittee.
� Meet with the Actuarial Society of South Africa. “ Address the role they play and skills shortage.”
� CIS - Two Industry Workshops
� Pensions Division – Two Industry workshops
� Consumer Education Department - National workshops, teacher development workshops
HUMAN RESOURCES
� Planned/budgeted staff complement for 2012/2013: 537
� Four Interns and four Actuarial bursary students
� Training and development of staff –
- Normal Developmental Training,
- Special Training High Potential Personnel (Succession Planning) &
- Information Management (Skills transfer)
Activities planned for 2012/2013
12
Financial Implications – FSB Budget
2012/2013 2011/2012 2010/2011
R'000 R'000 R'000
Gross Revenue 503,053 455,583 410,008
Operating
Expenditure 445,521 408,769 346,650
Funding of Ombuds
Offices 67,877 61,854 59,186
Surplus / (Deficit) (10,345) (15,040) 4,173
FSB is funded by : a) Annual Levies on regulated institutions b) Service fees
13
Concluding Remarks
� Envisaged Changes to Legislative and Regulatory Framework including “Twin
Peaks”
� Litigation
� Planned Regulatory Reforms
o OTC Derivatives Market Reforms
o Solvency Assessment and Management
o Treating Customers Fairly (“TCF”)
o Regulation of Credit Rating Agencies (CRA’s)
o Regulation of Hedge Funds
14
Thank you. Questions?
15
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