Welcome to the
Financial Sector Transformation Council
We at the FSTC aim to be the most powerful driving force behind a Transformed, Transparent and Accessible financial services sector in South Africa.
Our Mission
Our mission is to influence legislation and oversee the implementation of the Financial Sector Code, fostering a society where unity, empathy, vigilance, respect, and integrity are at the core of financial services.
More About Us
Frequently Asked Questions
We understand that navigating financial transformation can raise questions. Below, we've compiled answers to some of the most common queries about our mission, initiatives, and impact.
The Financial Sector Code (“FSC”) was issued in terms of Section 9(1) of the Broad-Based Black Economic Empowerment Act 53 of 2003 (“the Act”). The purpose of the FSC is to ensure that “all participants actively promote a transformed, vibrant and globally competitive financial sector that reflects the demographics of South Africa, which contributes to the establishment of an equitable society by providing accessible financial services to black people by directing investment to targeted sectors of the economy.”
Any natural or juristic person conducting a business, trade, or profession in the South African financial sector.
- Exempted Micro Enterprise (“EME”) – annual turnover of less than R 10 million.
- Qualifying Small Financial Institution (“QSFI”) – annual turnover between R10 million and R50 million.
- Generic Enterprise (“GE”) – annual turnover above R50 million.
| Measurement periods fall between 01 December to 30 November, annually. | ||||
|---|---|---|---|---|
| Exempted Micro Enterprise (EME) | Qualifying Small Financial Institution (QSFI) | Generic Enterprise (GE) | ||
| 51% black ownership or more | 51% black ownership or less | |||
| Annual turnover | < R 10 mill | Between R 10 mill and R 50 mill | Between R 10 mill and R 50 mill | > R 50 mill |
| Document submission | Sworn affidavit 1 | Sworn affidavit 3 | Authorisation letter | Full verification report; B-BBEE certificate; scorecard. |
| Verification agent appointment | No | No | Yes | Yes |
A financial institution can contact the South African National Accreditation System (“SANAS”) for a list of approved FSC verification agents.
The contact details of SANAS are as follows.
The contact details of SANAS are as follows.
- Website: www.sanas.co.za / Telephone: (012) 740 8500.
For general and technical queries please contact the FSTC at +27(0) 87 062 5950 or e-mail to FSTC Info at info@fstc.org.za.
For reporting queries send an e-mail to FTSC Reporting at reporting@fstc.org.za.
For exemption queries send an e-mail to FSTC Exemptions at exemptions@fstc.org.za.
For reporting queries send an e-mail to FTSC Reporting at reporting@fstc.org.za.
For exemption queries send an e-mail to FSTC Exemptions at exemptions@fstc.org.za.
Our Proud Members
As a collaborative force, our members play a pivotal role in driving transformation within South Africa’s financial services sector.
Latest News
Stay informed with the latest developments and breakthroughs in the financial services sector.
More News
Q3 Newsletter
28 June 2024
Since 1994, a number of measures have been implemented to cultivate a more collaborative and inclusive economy, with the main objective of promoting...
ViewFSTC SMMEs Workshop Invite
The FSTC invites young entrepreneurs, small business owners, and professionals seeking to establish their own businesses to join our upcoming workshop on 03 October 2024...
View
REQUEST FOR PROPOSALS
Comprehensive Analysis of the 2022/23 State of Transformation Annual Report
The Financial Sector Transformation Council (FSTC) is inviting all interested service...
View