The Financial Sector Conduct Authority (‘FSCA’) has published a Communication to provide an update on the development of the Conduct of Business Return (‘Omni-CBR’).
The Omni-CBR aims to assist the FSCA in monitoring whether the financial system is delivering fair outcomes to customers. The Omni-CBR is intended to facilitate streamlined cross-sectoral reporting and will expand on the types of conduct indicators to be reported on in future by various financial institutions, including banks, collective investment schemes, co-operative financial institutions, financial services providers, insurers and micro-insurers, section 13b administrators and retirement funds.
Although the FSCA intended to make an initial version of the Omni-CBR available to the industry for consultation by the end of 2021, certain developments prevented them from meeting this deadline. Instead, the FSCA is working on an Omni-CBR Roadmap (‘Roadmap’) that will form the basis for extensive industry engagement commencing in the first quarter of 2022.
Further details regarding the Roadmap and the engagement process relating to the Omni-CBR will be communicated during the first quarter of 2022.
To read the FSCA Communication in full, click here.
