South Africa's Financial Sector Conduct Authority imposed R119,829,523 in administrative penalties on 51 persons and funds during the financial year 2024/25, covering the period from 1 April 2024 to 31 March 2025. The figures were disclosed in the FSCA's 2024/25 Integrated Report, tabled in Parliament at the end of September 2025, which laid out the full scope of the authority's regulatory actions across South Africa's financial sector over the preceding twelve months.
Beyond the monetary penalties, the FSCA finalised 633 investigations, issued 131 debarment orders, withdrew 382 licences, issued 13 directives, and entered 14 enforceable undertakings during the period.
N-e-FG MATTER DRAWS LARGEST INDIVIDUAL FINES
The most substantial individual penalties arose from the N-e-FG matter, which centred on the N-e-FG group of companies, a retirement fund administration business, where client funds were invested without the requisite mandate. Mr Corné Jansen van Rensburg and Mr Frederick du Preez each received penalties of R30 million, whilst Mr Steyn Jansen van Rensburg was fined R8 million in connection with the same matter, according to the FSCA's report. These three penalties, totalling R68 million, accounted for more than half of the penalties imposed during the year.
The N-e-FG penalties followed an investigation launched in September 2021. The number of finalised investigations rose to 633 in 2024/25 from 430 the previous year.
AML PENALTIES CLIMB OVER FOUR YEARS
AML/CFT-related financial penalties imposed by the FSCA had risen 127 per cent, from R11.9 million in 2021 to R27.1 million by March 2025.
South Africa was grey-listed by the Financial Action Task Force in February 2023.
The FSCA focuses on licensed financial services providers, while the FIC supervises designated non-financial businesses and professions such as legal practitioners, estate agents and trust and company service providers; the Prudential Authority supervises banks.