The Financial Services Board (FSB) is set to expand its ranks by about a third – which means higher industry levies, FSB chairperson Cyrus Rustomjee has said in the regulator’s annual report released this week.
Intensified enforcement efforts mean the FSB “will require a significant augmentation of human resource capacity”.
There has been a shift to risk-based supervision, which “promotes a holistic approach to the identification and ongoing management of systemic and organisational risks”, said Rustomjee.
About 100 new employees will be recruited over the next few years, taking the number of staff to about 350.
“Improvement in the quality, nature and scope of our supervision has inevitable consequences for industry levy increases,” said Rustomjee.
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