As a result of the increasing interdependence of economies and interconnectedness of the global financial system, a significant level of cooperation is required between the SARB, other regulators and financial sector participants.

The Financial Sector Regulation Act 9 of 2017 creates statutory committees to support the achievement of financial stability.

Finstab committee meeting

The FSC was established in 2000, and restructured and elevated in 2010 in terms of its membership and responsibilities. The purpose of the FSC is to formulate financial stability policy on behalf of the SARB in support of its mandate.

The FSC comprises the Governor as Chairperson, the Deputy Governors, all members of the Monetary Policy Committee and a maximum of seven other SARB officials. The SARB fulfils its responsibility to monitor and review the strengths and weaknesses of the financial system and any risks to financial stability, and take the necessary steps to mitigate these risks, through the FSC.

The FSC meets four times a year, or as required, to monitor vulnerabilities in the global and domestic environments, assess their possible implications for domestic financial stability and decide whether any mitigating measures need to be taken. The content and discussions at FSC meetings are shared with the Financial Stability Oversight Committee on a regular basis while the issues discussed by the FSC and any decisions taken are communicated in the biannual Financial Stability Review publication.


The Financial Stability Oversight Committee is a Statutory Committee in terms of the Financial Sector Regulation Act 9 of 2017 and advises the Governor of the SARB on matters relating to financial stability.

The primary objectives of the committee are to: 

  • support the SARB when it performs its functions in relation to financial stability; and 
  • facilitate cooperation and collaboration between the SARB and other financial sector regulators.

The FSOC includes representatives from the SARB, National Treasury and all financial regulators. The committee consists of the Governor as Chairperson, the Deputy Governor responsible for financial stability matters, the Chief Executive Officer (CEO) of the Prudential Authority, the Commissioner of the Financial Sector Conduct Authority, the CEO of the National Credit Regulator, the Director-General of National Treasury, the Director of the Financial Intelligence Centre, and up to three additional officials of the SARB appointed by the Governor.

The Financial Sector Contingency Forum is a statutory forum established by the Governor of the SARB to assist the FSOC with identifying risks that could lead to a systemic event; and coordinating plans, mechanisms and structures to mitigate those risks.

The FSCF was created to ensure broad participation and engagement of stakeholder groups in defining and coordinating approaches to crisis management. The forum does not play an active role in managing systemic events. Rather, it supports the development and testing of contingency plans and works as an established network for coordinating interventions and communicating effectively during a systemic event.

The forum was established by the Governor. It consists of a Deputy Governor as the Chairperson (designated by the Governor), representatives from each financial sector regulator, representatives from other organs of state and representatives from financial sector associations.

Financial sector regulators are required to cooperate and collaborate with the SARB, and with each other, to protect and enhance financial stability. Organs of state must consider the financial stability implications of their activities, and provide assistance and information to the SARB and the FSOC at their request to maintain and restore financial stability.


Lessons from the Covid-19 pandemic in South Africa 

In the aftermath of the COVID-19 pandemic, the Financial Sector Contingency Forum (FSCF) commissioned a research study to better understand how the pandemic has affected FSCF members and their operations. The work culminated in the publication of a report titled “Building an inventory of lessons learnt from the COVID-19 pandemic”, which aims to formally capture the key learnings from FSCF members’ responses to the COVID-19 pandemic should a similar event occur in the future. Click here for more. 

Click here to see the Financial Stability Review.






If you have further questions about committee structures, please do not hesitate to contact us.