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.
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