FSCA Opens Consultation on the New OMNI-Risk Return

The Financial Sector Conduct Authority (FSCA) has published FSCA Communication 19 of 2025, announcing the start of stakeholder consultation and engagement on its new OMNI-Risk Return, a key development in the regulator’s digital transformation and risk-based supervision strategy.

A Modernised Approach to Supervision

This initiative forms part of the FSCA’s broader Integrated Regulatory Solution (IRS), a Supervisory Technology (SupTech) platform designed to streamline and automate regulatory processes from licensing through to enforcement.

The OMNI-Risk Return will serve as the primary data source feeding into the FSCA’s new automated risk model, an essential tool that supports a more efficient, consistent, and harmonised approach to supervision across all sectors of the financial industry.

From OMNI-CBR to OMNI-Risk Return

In June 2025, the FSCA announced through Communication 12 of 2025 that the previously planned Conduct of Business Return (OMNI-CBR) would no longer be rolled out as originally envisaged. Instead, the focus has shifted to a more streamlined, risk-based model called the OMNI-Risk Return which better aligns with the outcomes-based supervisory framework envisioned under the Conduct of Financial Institutions (COFI) Bill.

What the Consultation Involves

As part of the consultation process, the FSCA has published two key documents on its website:

• Annexure A: Draft OMNI-Risk Return template (in Excel format for consultation purposes).

• Annexure B: Explanatory Guide, which outlines the structure, purpose, and data requirements of the return.

Stakeholders are invited to review these documents and provide feedback through a dedicated Microsoft Forms template by 30 November 2025. Comments submitted in any other format will not be considered.

The FSCA explained that the effectiveness of the OMNI-Risk Return depends heavily on the quality, accuracy, and completeness of the data submitted.
As stated in the communication:

“The FSCA is particularly seeking input on the following:
• Whether, and to what extent, the requested data is currently available within financial institutions.
• If the required data is currently being collected and maintained, whether financial institutions are able to extract and report such in the manner being requested.
• If the required data is not yet being collected, an indication of how much time would be needed to enable financial institutions to be able to report on such.
• Alternatively, what, if any, alternate data points are currently available to adequately meet the objectives of the particular section.”

This feedback will help the FSCA determine appropriate transitional arrangements to support the sector in achieving a consistent and comparable level of reporting over time.

Industry Engagement and Workshops

To support the consultation process, the FSCA has announced several engagement activities:

• A recorded explanatory webinar is available on the FSCA’s YouTube page, providing context and objectives for the OMNI-Risk Return.

• Three virtual industry workshops will be held via Microsoft Teams to discuss specific sections of the return:

  • 3 November 2025 (10:00 – 12:00) – Sections 1–4

  • 4 November 2025 (15:00 – 17:00) – Sections 5–8

  • 10 November 2025 (10:00 – 12:00) – Sections 9–12

Each workshop will include a live Q&A session, with recordings made available afterwards for those unable to attend.
In addition, the FSCA welcomes targeted engagements from industry bodies or institutions requiring further clarification before submitting comments.

Implementation Timeline

The OMNI-Risk Return forms Phase 2 of the FSCA’s IRS roadmap, which will culminate in a full system pilot scheduled for mid-2026 and a projected Go-Live date of September 2026.
This marks a significant milestone in the FSCA’s ongoing efforts to modernise regulatory reporting and improve the efficiency of supervisory oversight across all licensed entities.

How to Participate

Financial institutions and stakeholders are encouraged to:

• Download the draft OMNI-Risk Return and Explanatory Guide from the FSCA website:
  https://www.fsca.co.za/Regulatory%20Frameworks/Pages/Omni-Risk-Return.aspx

• Submit comments using the official Microsoft Forms link by 30 November 2025:
  https://forms.office.com/r/mbh2rKsHCi

• Direct any general queries to FSCA_OMNIRiskReturnComments@fsca.co.za, copying Akashen.Rampersadh@fsca.co.za (note: comments submitted via email will not be accepted).

Please note: these addresses are for general enquiries only, not for submitting comments.

Conclusion

The introduction of the OMNI-Risk Return marks a major milestone in the FSCA’s shift towards a more efficient, technology-driven, and risk-based regulatory framework.

Financial institutions are encouraged to actively participate in this consultation process to ensure that the new reporting model is both practical and aligned with industry realities.

By engaging early, FSPs can prepare for the transition and help shape the future of regulatory reporting in South Africa.