Tag: Conduct of Financial Institutions Bill (CoFI)
Financial institutions without acceptable empowerment plans could lose their licences
In 2020, the National Treasury published for public comment a draft Conduct of Financial Institutions Bill, as an update of its draft two years earlier. This 2020 draft bill aims, ambitiously, at revising the separate laws which regulate the conduct of financial institutions of all kinds, be they banks, insurers, pension funds or medical schemes; and which regulate the conduct of providers of financial advisory, administration or payment services.
New legislation spells name change for pension funds tribunal
The financial services dispute resolution landscape is being radically reshaped to ensure a consistent framework across the financial services sector whilst providing for quick and cost-efficient review of an aggrieved party’s grievance. Along with the proposed amendments is a name change for our office, which will be renamed the 'Retirement Funds Ombud'
Fintech view on the Conduct of Financial Institutions Bill
The draft Conduct of Financial Institutions Bill was recently published. Once enacted, the CoFI Bill may become one of the first pieces of legislation that explicitly seeks to develop fintech regulation in South Africa.
