National Treasury introduces Bill to govern conduct of financial institutions
The National Treasury on Tuesday announced the publication of a bill that aims to strengthen the regulation of how the financial services industry treats consumers.
The Conduct of Financial Institutions (COFI) Bill is a follow-up to the Financial Sector Regulation (FSR) Act of 2017, which established the Prudential Authority managing financial health and the Financial Sector Conduct Authority which manages market conduct risk across all financial institutions.
Both regulators became operational on 1 April 2018.
"The FSR Act gives consumers and financial institutions an indication of what to expect of financial sector regulators, while the COFI Bill will outline what customers and industry players can expect of financial institutions," the National Treasury said, inviting public comments on the draft.
It said the bill aimed to significantly streamline the legal framework for the regulation of the conduct of financial houses and to give legislative effect to the market conduct policy approach, including implementation of the Treating Customers Fairly (TCF) principles, which currently have little legal backing.
"Improving market conduct and customer protection in the South African financial sector extends beyond the establishment of a new regulator," said the Treasury.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation