The Financial Sector Conduct Authority has published the inaugural annual report of its Consumer Advisory Panel.
The report covers the period from November 2023 to March 2025 and documents the establishment, composition and work of the 11-member Panel, which was created under the Financial Sector Regulation Act to provide consumer perspectives on the FSCA’s market conduct responsibilities.
According to the report, the Panel meets quarterly and submits reports to the FSCA executive committee. Since January 2025, its reports have also been tabled at the FSCA’s Regulatory Policy Forum.
The report records that the Panel has engaged with the FSCA on a range of consumer-related issues. These include the use of artificial intelligence in financial services; access to and the cost of payment and banking products for consumers and small, medium and micro enterprises; consumer education; credit insurance and debt counselling; and the growing influence of financial influencers, or finfluencers.
Announcing the release of the report, Diane Terblanche, chairperson of the Consumer Advisory Panel, said the Panel’s role was to ensure that consumer perspectives are reflected in regulatory work. “Our mission is to ensure the customer’s voice is not just heard but is instrumental in shaping a financial sector that works for all South Africans,” she said.
Terblanche, an attorney, previously served as executive chairperson of the National Consumer Tribunal. Brendan Pearce, chief executive of FinMark Trust, is the deputy chairperson.
The other members are:
- Lyndwill Clarke, head of consumer education at the FSCA, who serves as an ex officio member;
- Maya Fisher-French, a financial journalist and columnist;
- Wendy Knowler, a consumer journalist and broadcaster;
- Nicolette Mashile, a financial education entrepreneur and author;
- Esme Molefe, founder of a leadership development and financial coaching consultancy;
- Magauta Mphahlele, executive director of the South African Credit and Risk Reporting Association;
- Thulani Njapa, a non-executive director for township financial services at the Township Economic Commission of South Africa;
- Sylvia Papadopoulos, an associate professor in the Department of Private Law at the University of Pretoria and acting director of the Centre for Intellectual Property Law; and
- Thandiwe Zulu, regional manager of The Black Sash Trust, a board member of the Consumer Goods and Services Ombud, and a council member of the National Financial Ombud Scheme.
The report also sets out the Panel’s governance arrangements, appointment process and funding, and notes that members’ terms run until 31 March 2027. It does not set out specific recommendations or regulatory proposals.
Click here to download the report.
