FSCA gets another acting commissioner as appointment process comes under scrutiny

Minister of Finance, Tito Mboweni.
Minister of Finance, Tito Mboweni.
Gallo Images/Jeffrey Abrahams

Finance Minister Tito Mboweni has appointed Olano Makhubela to fulfill the functions of commissioner for the Financial Sector Conduct Authority for a period of three months.

The appointment is effective from Friday 6 November and will last for a term of three months to 5 February 2021, Treasury said in a statement.

Makhubela is currently the regulator's divisional executive for retirement funds supervision. He will also continue with these responsibilities. He was previously employed at Treasury for 17 years and had served as a chief director for financial investments and savings. He was responsible for the retirement reform policy process, Treasury said.

Makhubela takes over from Advocate Dube Tshidi, who previously performed the functions for three months after Abel Sithole resigned as chairperson of the FSCA. Sithole was designated to perform the functions of the commissioner until a permanent appointment was made.

But as the process of appointing a commissioner and deputy is still underway, the role would be rotated between members of the Transitional Management Committee (TMC) for a period of three months each. Tshidi will revert to being a member of the TMC.

Sithole stepped down to join the Public Investment Corporation, while Caroline da Silva, divisional executive of regulatory policy, announced her resignation in August.

The appointment of these two key posts has been extended twice this year, prompting civil society groups Open Secrets and the Unpaid Benefits Campaign to approach the High Court in Pretoria to demand transparency in the appointment of a new commissioner and deputy commissioner. 

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