Financial Services Board: we act within our mandate

16 Jun

Author: Dube Tshidi

Publications:Business Day

Date Published:  16 June 2013

THE Financial Services Board accepts that criticism comes with the territory and is to be welcomed. What is of concern is the manner in which this criticism has been levelled against the board in the aftermath of what has been referred to as the “startlingly inappropriate and lenient” sentencing of J Arthur Brown……………

Last year, the case of the late Herman Pretorius cast the spotlight on sophisticated pyramid schemes, with the suggestion that the board should have known what was going on and prevented the loss of investors’ monies. The fact is that although the bulk of financial investment activities in the country fall within the board’s jurisdiction, there are notable exceptions.

In schemes like the one operated by Pretorius, which operated outside of and in secret from the regulator, the board is not mandated to act. The regulator’s role is to continue to educate the public around the dangers of investing in companies ……..

* Dube Tshidi is executive officer of the FSB.

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