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Reserve Bank's Unathi Kamlana named commissioner of financial sector regulator

Reserve Bank's Unathi Kamlana named commissioner of financial sector regulator

Top Reserve Bank official Unathi Kamlana has been named the new commissioner of market regulator the Financial Sector Conduct Authority (FSCA).

His term will last for five years.

Finance Minister Tito Mboweni made the announcement on Thursday.

Kamlana is currently the head of the department responsible for policy, statistics, and industry support at the Prudential Authority of the South African Reserve Bank.

According to the ministry, Kamlana "worked extensively on implementing the Twin Peaks reforms from 2011 to 2018, having been part of the original team that proposed the new and tougher system for regulating the financial sector".

He is expected to commence his new role on June 1.

He will be taking over from Katherine Gibson, who since April has been performing the functions of commissioner in a temporary role.

Mboweni on Thursday also announced Astrid Ludin as the FSCA's deputy commissioner.

A former deputy director-general in the Department of Trade, Industry, and Competition, Ludin is currently head of financial markets and digital innovation practice at DNA Economics.

Kamlana and Ludin had been named the two best candidates for the position of commissioner by the Financial Sector Conduct Authority Shortlisting Panel, which produced a report for Mboweni in March. The panel suggested that either would also be a good fit for deputy commissioner.

On Thursday, the ministry said the process of appointing two or three additional deputy commissioners was at an "advanced stage".

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