Financial education – Customers need to be put at the heart of your business

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Financial education champions from around the world gathered in Cape Town last week for the FSCA-OECD Conference. The conference aimed to find innovative ways to prepare financial customers for current and future changes in the sector.

“The financial sector in South Africa is not coordinated well enough when it comes to financial education, we are all doing our own thing and we are not properly evaluating the impact we are having. It is important that we get this right. Also, there is confusion around marketing and education. Many firms educate with the intention of making a sale, our role as regulators is to define best practice and we are working very hard to do this”, Caroline Da Silva, the FSCA’s Divisional Executive for Regulatory Policy shared with conference delegates.

Da Silva reiterated the importance of firms recognising that educating consumers was not contrary to their business. “Putting consumers at the heart of your business is a good business strategy,” she said.

Click here to read the FSCA’s news release.