The Financial Sector Conduct Authority (FSCA) shortlisting panel has expressed its intention to recommend the names of Farzana Badat and Katherine Gibson to fill the authority’s vacant positions of Deputy Commissioners.
The public now has until 14 June to submit comments, if any, on the two candidates’ names, before they are submitted to Finance Minister Tito Mboweni for consideration.
The FSCA was established in 2018 in terms of section 56 (1) of the Financial Sector Regulation (FSR) Act, as a new regulator for market conduct and the fair treatment of customers in the financial sector.
In a statement, the authority on Monday said it was aiming to enhance and support the efficiency and integrity of financial markets, and assist in maintaining financial stability.
“In pursuit of its mandate, the FSCA is legally required to act without any fear, favour or prejudice.
The shortlisting panel, which commenced its work on 16 September 2020, received 38 applications for the positions.
The FSCA said after assessing each candidate’s CV in detail, and based on the requirements in the advert and the selection criteria, the panel agreed to shortlist the five most suitably qualified candidates for interviewing on 14 and 22 January.
“As the interviews for the Deputy Commissioner positions were identical to the interviews for the Commissioner position, candidates who were interviewed on 21 November 2020 for the Commissioner position were also considered for the Deputy Commissioner positions,” it said.
Following the closure of the period for public comments, the panel will consider all comments received, and take them into account before it finalises its recommendations to the Minister.
The FSCA said the Finance Minister has the prerogative to appoint or not appoint any of the recommended candidates.
“Should the Minister decide to appoint other candidates that are not recommended by the Shortlisting Panel, he will be required, in terms of the Regulations, to publish the reasons for doing so.”
The shortlisting panel envisages that the Minister will publish a comprehensive report on the recruitment and selection process.
“Where any public comment is submitted, the commentator must identify his/her name, email address and contact number, and expect that such comment and the name of the commentator may be made public,” said the FSCA.
The authority said any objections included in the comments must be supported by cogent reasons for them to be considered, with appropriate supporting documentation.
The FSCA said the panel embraces the principle of transparency, and appropriate public participation in its processes of selecting and recommending suitably qualified and experienced candidates for the positions. This would be based on merit and transparent criteria.
This, among others, requires that the candidates have at least 10 years’ experience in a senior or executive position with a regulator (preferably a financial sector regulator); a financial institution; a financial sector industry body or a government department that is responsible for overseeing the regulation of the financial sector.
The panel said the results of the interviews and the competency assessments saw Badat and Gibson emerge as the best fit for the positions. The two have already been subjected to enhanced reference checks, which indicated that they were both suitable for appointment.
Comments must be submitted to the Shortlisting Panel no later than 5pm on 14 June 2021, preferably by email to Shortlisting.Panel@treasury.gov.za, or to: Att: Mr Ngoni Mangoyi Secretariat of the Shortlisting Panel c/o National Treasury P. Bag X115 Pretoria 0001.
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