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Financial services board

Financial services board. vision. To promote and maintain a sound financial investment environment in South Africa. Financial Soundness. Customers. Regulation. Market Integrity. mission. To promote the Fair treatment of consumers of financial services and products

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Financial services board

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  1. Financial services board

  2. vision • To promote and maintain a sound financial investment environment in South Africa. Financial Soundness Customers Regulation Market Integrity mission • To promote the • Fair treatment of consumersof financial services and products • Financial soundness of financial institutions • Systemic stability of financial services industries • Integrity of financial markets and institutions.

  3. Governance and FSB BOARD oversight Risk Management Legislative HR Licensing Audit Litigation Remuneration

  4. Strategic intent

  5. Performance against strategic objectives 1April2013to31March2014

  6. Goal 1 – Informed and protected consumers Objective – Empowered consumers of financial products and services

  7. Goal 2 – Stakeholder management

  8. Goal 3 – Sound financial institutions

  9. Goal 4 – Internal excellence

  10. Financial report The core business of the FSB is to regulate the non-banking financial services industry. Its on-going operations are funded through levies and fees charged to the industry it regulates. Other income received includes penalty income and interest earned on invested funds. Levies raised from the industry are driven by a zero-based budgeted operating needs of the FSB. A rigorous budgeting process that requires detailed motivation for all resources and operating needs raised by its departments takes place annually.

  11. Review of results - position Financial position remains healthy, Liquidity position improved, and Working capital is well managed. • Revenue R577 million (2013: R521 million) • Net assets R184 million (2013: R155 million) • Cash balances R180 million (2013: R167 million) • Accumulated surplus R115 million (2013: R94 million) • Reserves: • Discretionary R15 million (2013: R13 million)* • Contingency R55 million (2013: R49 million) *Penalties are credited to this fund.

  12. Difference between Actual Budget budget and actual R000 R000 R000 Revenue 585 750 547 477 38 273 Staff cost 335 399 342 425 7 025 Operating expenses 150 227 146 381 (3 846) Contribution to the Office of 28 709 28 709 - the FAIS Ombud Contribution to the Office of 42 198 42 198 - the Pension Fund Adjudicator Loss on disposal of assets 54 - (54) Surplus for the year 29 162 -12 236 41 398 Financial results against budget • Expenditure for the year well controlled • Income received above budget, due to penalty income, other income and fair-value adjustment are not budgeted for and R6m levy in excess of budget was raised.

  13. Review of results - performance 2014 Surplus for the year R29m Revenue R586m Expenses R557m - 60% staff cost - 27% Operating expenditure - 5% Contribution towards the Office of the FAIS Ombud - 8% Contribution towards the Office of the Pension Fund Adjudicator 2013 Surplus for the year R16m Revenue R539m Expenses R523m - 58% staff cost - 29% Operating expenditure - 5% Contribution towards the Office of the FAIS Ombud - 8% Contribution towards the Office of the Pension Fund Adjudicator

  14. Statement of financial performance for the year ended 31 March 2014

  15. Statement of financial position as at 31 March 2014

  16. Cash flow statement for the year ended 31 March 2014

  17. Thank You

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