Transformation of the Financial Sector

Transformation of the Financial Sector

Through its constituencies - which are Trade Associations (Business), Government, Nedlac Organised Labour (Labour), Nedlac Organised Community (Community) and the Association of Black Securities and Investment Professionals (ABSIP) - the FSTC is mandated to enforce the Financial Sector Transformation Code.

Transformation of the Financial Sector

The Financial Sector Transformation Council (FSTC) is a non-profit company constituted in terms of the Financial Sector Code, gazetted under section 9 (1) of the Broad-Based Black Empowerment Act 64 of 2013. For more information go to www.fstc.org.za

FSTC Mandate

Through its constituencies - which are made up of the Trade Associations (Business), Government, Nedlac Organised Labour (Labour), Nedlac Organised Community (Community) and the Association of Black Securities and Investment Professionals (ABSIP) - the FSTC is mandated to enforce the Financial Sector Transformation Code and monitor its implementation progress through its annual report.

FSTC Objectives

  • Engage with policy makers to ensure that legislation enables transformation
  • Engage with financial institutions to promote understanding of the FS Code and to provide support for compliance
  • Regularly review implementation guidelines to ensure relevancy and ease of implementation
  • Publish an annual performance report which is reflective of the status of the sector’s transformation
  • Research to understand challenges and identify opportunities to expedite transformation
  • Engage with other relevant stakeholders to promote understanding of the FS Code and its benefits


As part of the Trade Associations constituency, SAIA plays a key role in representing the interests of the non-life insurance industry through the FSTC structures and contributing toward the promotion of transformation in the financial sector. This provides the industry with the platform to provide its position on the transformation agenda and how it impacts the industry, which include:

  • Alignment of the FSC with the B-BBEE Generic Codes of Good
  • Formulation of sector specific element and determination of appropriate related targets
  • Review and approval of Access Products applications and exemptions
  • Monitoring of the sector progress on transformation and recommendation of review changes, where necessary
  • Representation of the industry in the FSTC Working Reporting Committee (RWC), the Council and the Board