The Minister of Finance approved the following appointments, as recommended by the FSB:
- Ms Caroline da Silva as Deputy Executive Officer for Financial Advisory and Intermediaries Services, replacing Mr Gerry Anderson, Deputy Executive Officer since 2004 and now serving as Chief Operating Officer and Acting Deputy Executive Officer for Intermediaries at the FSB.
- Ms Rosemary Hunter as Deputy Executive Officer for Pensions, replacing Mr Jurgen Boyd, who was appointed as Deputy Executive Officer for Collective Investment Schemes at the FSB from 1 January 2013 to 31 December 2017 and
- Ms Muvhango Lukhaimane as Pension Funds Adjudicator.
All three ladies have vast practical industry experience which will stand them in good stead in their new positions. Ms da Silva has extensive experience in the short-term insurance industry. She worked with the FSB on several projects, including as a member of the Advisory Committees for Financial Advisory and Intermediary Services, and Short-Term Insurance. She also served on the FSB Working Group on Binder Regulations. Ms Hunter is an attorney and Director at Bowman Gilfillan Incorporated, and is a highly experienced legal expert on retirement fund and investment law issues, having been the lead author of the pension law textbook “The Pension Funds Act: A Commentary”. Her wide experience includes litigation, drafting of legislation, lecturing and advisory services. Ms Lukhaimane also has practical experience in the pensions environment, apart from an impressive academic background. She worked as a research consultant and legal advisor to some of the major fund administrators and acted as a principal officer.
The implementation of the Twin Peaks system of financial regulation and supervision will see the FSB transforming into a fully-fledged market conduct supervisor, and these appointments should be seen as providing continuity and facilitating the transition towards the new regulatory system.
The FSB will, under the Twin Peaks system, focus almost exclusively on market conduct regulation and supervision, while the South African Reserve Bank will become the prudential regulatory authority.