Postbank has been officially registered as a licensed Financial Services Provider (FSP) with the Financial Sector Conduct Authority.
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Postbank has been officially registered as a licensed Financial Services Provider (FSP) with the Financial Sector Conduct Authority.
In a statement released to the media on Tuesday, Deputy Minister of the Department of Communications and Digital Technologies, Mondli Gungubele, said the licence is an important regulatory milestone and shows that Postbank is meeting the standards required to operate responsibly within South Africa’s financial sector.
The licence allows Postbank to provide financial advice and intermediary services relating to financial products within a regulated framework.
"The granting of this license is an important regulatory milestone for Postbank and a strong Signal of the progress being made to stabilise and strengthen the institution. It demonstrates that Postbank is meeting the regulatory standards required to operate responsibly within South Africa's financial sector." Gungubele said.
Gungubele added that the achievement is part of Postbank’s five-year transformation strategy, which focuses on stabilising the institution, strengthening governance and compliance.
Gungubele also noted that "for customers and social grant beneficiaries who rely on Postbank, the license provides additional assurance that services are delivered under a regulatory regime designed to protect consumers and ensure transparency and accountability".
"This achievement represents another important step in Postbank's long-term journey towards becoming a fully-fledged commercial bank that serves the needs of South Africans while contributing to the strength and stability of the country's financial system," Gungubele said.
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