Mbabane: There is a new broom at the Financial Services Regulatory Authority (FSRA), who is expected to sweep clean!
Independent News has it in good authority that the new big boss in the house is non other than Ncamiso Ntshalintshali, who has been appointed as the new Chief Executive Officer (CEO) of the non-bank financial institutions in the country.
Independent News has reliably learnt that the former Standard Bank Head of Compliance reportedly started working on Wednesday.
Ntshalintshali is replacing Sandile Chief Dlamini who had been at the helm for six years. Dlamini was the one who tasked to lead the regulator from inception in 2010 and his contract was not renewed early this year. Dlamini is now the CEO of Lidwala Insurance.
Ntshalintshali is the fourth new CEO to be tasked to lead a big organization to be appointed by the new Cabinet came into office. The other new CEOs are Sibane Mngomezulu of Eswatini Investment Promotion Authority (EIPA) who replaced Phumelele Dlamini, Nixon Dlamini of Eswatini Railway who replaced Stephenson Ngubane, Muzi Dlamini of Eswatini Competition (ECC) who replaced Thabisile Langa and Mfanimpela David Myeni of Sincephetelo Motor Vehicle Accident Fund (SMVA) who replaced Helmon Mfana Vilakati.
Ntshalintshali did not want to be drawn to comment and asked Independent News to contact FSRA Board Chairperson Stephen Simelane. However, efforts to get hold of Simelane hit a snag as his phone could not be reached.
About the FSRA
The Financial Services Regulatory Authority (FSRA) is an integrated regulatory and supervisory authority for all non-bank financial services providers in Eswatini. It was established in terms of Section 3 of the FSRA Act, 2010 with the mandate to foster financial stability through regulation and prudential supervision of financial services providers.
The Authority’s mandate is to
- Administer all financial services laws in Eswatini
- License, regulate, monitor and supervise the conduct of the business of financial services providers
- Carry out investigations and take measures to suppress illegal, dishonest and improper practices in the financial services sector
- Make rules, issue guidelines for the conduct of business of financial services providers
- Carry out research and disseminate information in the field of financial services
- Promote public understanding of the financial system – including awareness of the benefits and risks associated with the different kinds of investments
- Take measures for the better protection of stakeholders
- Collect, compile, publish and disseminate statistics in respect of financial services providers
- Share both public and non-public information with domestic and foreign counterparts
- Advise the Minister on any matter relating to the financial services sector
- Exercise and perform such other powers, authorities and duties as may be conferred or imposed upon it by or under the Act or any other Act, and
- Do all such other acts as may be incidental or conducive to the attainment of the objects of the Authority
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