KPMG’s Market Conduct practice are delighted to share the results of their 2020 survey.
Our clients tell us that they have made progress in embedding Conduct risk into their risk structures but that there is much work still to be done. At this important juncture in the financial services industry, we aim to provide valuable insights to banks, insurers and investment managers by conducting a Conduct survey which will consider how the financial services sector is progressing in its implementation and management of Conduct risk.
It is still early transitional times for Conduct in our industry, with the FSCA having assumed their Conduct mandate only relatively recently. Until now, the industry has been focused primarily on the theory of Conduct, based on what we understand from what the FSCA communicated through their interactions, workshops and other engagements. We have also considered international best practice and the experiences of the international community (such as the UK) where Conduct has been fully implemented, when formulating the questions for this survey, as it is likely that the FSCA will be considering and applying this international best practice.
In this context, we believe it is an important time to provide insight on the South African financial services industry’s progress as financial institutions contemplate Conduct within their businesses.
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