South Africa: Dube Tshidi - the Financial Regulator Who Failed to Regulate the Wealthy and Powerful


In Part 2, we profiled the conduct of the Liberty Group in the incorrect cancellation of hundreds of pension funds when they still held more than R100m owed to thousands of people. This is part of a far bigger scandal of unpaid pensions due to more than four million southern Africans. This week we look at Dube Tshidi, a regulator who not only effected the erroneous cancellations, but also failed to hold Liberty or any implicated financial sector actors to account. When the public needed effective regulation, the Financial Services Board (FSB) and its long-standing head failed them.

The Financial Sector Conduct Authority (FSCA) succeeded the Financial Services Board (FSB) and came into operation as South Africa's regulator of financial corporations in April 2018. Its success is vital for the public interest, and it already finds itself at the centre of much controversy and public pressure related to high profile cases involving alleged major cases of economic crime.

These investigations, signs of green shoots at the FSCA, include its investigation of Markus Jooste's alleged...

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