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Financial Sector Regulation Act Amended in South Africa

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The South African government has made significant changes to the Financial Sector Regulation Act, 9 of 2017, with a focus on enhancing financial stability and protecting consumers in the country.

Key Changes

The amendments aim to strengthen the regulatory framework for the financial sector, enhance consumer protection through improved market conduct regulation, improve the supervision of financial institutions and conglomerates, and increase transparency and accountability in the financial sector.

Key Objectives

  • Strengthen the regulatory framework for the financial sector
  • Enhance consumer protection through improved market conduct regulation
  • Improve the supervision of financial institutions and conglomerates
  • Increase transparency and accountability in the financial sector

Amendments to Existing Laws

The changes also involve amending several existing laws, including:

  • Credit Rating Services Act 24 of 2012
  • Financial Markets Act 19 of 2012
  • Co-operative Banks Act 40 of 2007
  • National Credit Act 34 of 2005
  • Collective Investment Schemes Control Act 45 of 2002
  • Financial Advisory and Intermediary Services Act 37 of 2002
  • Financial Intelligence Centre Act 38 of 2001
  • Financial Institutions (Protection of Funds) Act 28 of 2001

New Regulatory Framework

The amendments establish a new system of financial regulation, with the Prudential Authority and the Financial Sector Conduct Authority taking on key roles in supervising and regulating the sector.

Enhanced Consumer Protection

The changes introduce improved market conduct regulations to protect consumers from unfair practices and ensure that they are treated fairly by financial institutions.

Key Benefits

  • Improved protection of consumers from unfair practices
  • Fair treatment of consumers by financial institutions
  • Increased confidence in the financial sector

Increased Transparency and Accountability

The amendments aim to increase transparency and accountability in the financial sector, with a focus on ensuring that financial institutions operate in a responsible and transparent manner.

Key Objectives

  • Increase transparency in the financial sector
  • Ensure accountability of financial institutions
  • Promote responsible and transparent operations in the financial sector

Implementation Date

The changes will come into effect on various dates, including:

  • 1 April 2023
  • 1 June 2023
  • 1 April 2024
  • 1 June 2024