[2][3] Prior to its dissolution, it was an independent body which had a mandate to supervise and regulate the non-bank financial services industry in the public interest.

The FSB was established in 1991 based on recommendations by the Van der Horst Committee[4] to create an independent body to supervise and regulate the non-banking financial services industry.

It also ran a customer complaints service and a separate appeals board could be approached by anybody aggrieved by a decision of the FSB or its executive officers.

It had long-standing close relations with Committee Of Insurance, Securities And Non-Banking Financial Authorities (CISNA), part of the SADC directorate.

There were four Deputy Executive Officers responsible for supervision of the various industries, namely Financial Advisory and Intermediary Services, Retirement Funds and Friendly Societies, and Insurance and Investment Institutions.

In a report released in March 2019, the Public Protector, Busisiwe Mkhwebane, castigated the FSB's officials for a variety of failures spanning more than a decade.