Insurance & Reinsurance
On 11 December 2018, National Treasury published the draft Conduct of Financial Institutions Bill [B – 2018] for public comment ("Draft COFI Bill"), together with an explanatory policy paper which sets out the policy approach adopted with the Draft COFI Bill.
The Draft COFI Bill seeks to establish a consolidated, comprehensive and constituent regulatory framework for the conduct of financial institutions by inter alia promoting financial inclusion and transformation of the financial sector, including specifically obliging financial institutions to have a policy and plan in place to meet its stated transformation commitments and improving market conduct and consumer protections, which is risk based and proportionate.
Comments on the Draft COFI Bill must be submitted before 1 April 2019 to the below mentioned email address: email@example.com
A copy of the Draft COFI Bill can be accessed here
A copy of the explanatory policy paper can be accessed here
A copy of National Treasury's media statement can be accessed here