FSCA imposes R120 million in fines amid drop in major fraud cases [SOUND]

# The Financial Sector Conduct Authority has revealed that it imposed fines totalling nearly 120-million-rand in the past financial year. This is a decline from the previous year, attributed to the absence of a large-scale fraud case like Steinhoff. The FSCA highlighted ongoing efforts to strengthen market integrity and protect consumers within South Africa’s financial sector. Providing an update on enforcement actions, FSCA Commissioner Unathi Kamlana said the authority seeks to improve on its processes: