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3.12 Sectorial laws

Product suppliers are the entities that issues the financial products for example the pension fund or insurance companies. Conduct of product suppliers and the stipulations to which the composition of financial must comply with is regulated under the following various sectorial laws: The Banks Act: Regulates the deposit taking activities of a Bank The Long-term […]

3.11 Protection of Personal Information Act (POPI)

The Protection of Personal Information Act (POPI) was introduced in response to the perceived threat posed by the unregulated processing of personal information. It aims to regulate the processing of personal information, and to give effect to the constitutional right to privacy, by introducing measures to ensure that organisations use personal information in a fair, […]

3.10 Financial Intelligence Centre Act (FICA)

The Purpose of the Financial Intelligence Centre Act (FICA) is to assist in the identification of the proceeds of unlawful activities, combat money laundering, combat the financing of terrorist and related activities by establishing the Financial Intelligence Centre and Anti-Money Laundering Advisory Council as well as imposing duties on institutions that can be used for […]

3.9 FAIS General Code of Conduct

Board Notice 80 of 2003, also known as the General Code of Conduct, is aimed at giving effect to the protection of clients and setting standards that professionalize the financial services industry. This Board Notice sets out minimum standards of ethical behaviour for the representative and the financial services provider. The Code of Conduct should […]

3.8 Overview of the Financial advisory and intermediary services (FAIS) Act

The Financial Advisory and Intermediary Services (FAIS) Act regulates the giving of financial services to clients in relation to a financial product. FAIS can be regarded as putting on record the principles on which good business with clients should be based. The main goal of the act is client protection to maintain trust in the […]

3.7 Retail Distribution Review (RDR)

Against the background of the Treating Customers Fairly approach to market conduct regulation, the Retail Distribution Review (RDR) discussion document, published by the Financial Services Board in November 2014, proposed a series of regulatory reforms aimed at ensuring distribution models that adheres to the following: Support the delivery of suitable products and provide fair access […]

3.6 Treating Customers Fairly (TCF)

The TCF framework governs the way financial institutions conduct their business with clients, ensuring that all clients are treated fairly during all stages of the product lifecycle and advice process. The TCF initiative is seen as an important component to strengthen market-conduct objectives in the financial services sector. To ensure that financial services organisations such […]

3.5 Conduct of Financial Institutions Bill (COFI)

Work has also progressed on the second phase of Twin Peaks implementation. This phase focuses on harmonizing different financial sector legislation, such as the Banks Act, Financial Advisory and Intermediary Services Act and the Long- and Short-term Insurance Acts with the Financial Sector Regulation Act, and to implement the overarching structure of market conduct in […]

3.4 Financial institutions (Protection of Funds) Act

The Financial Institutions (Protection of funds) Act, 2001 considers the duties and obligations of financial institutions such as retirement funds, insurers and fund asset managers relating to the investment, safe custody and administration of fund and trust property. This Act also deals with the powers bestowed on regulators to protect such funds and trust property. […]

3.3 The Insurance Act

The Insurance Act was passed by the National Council of Provinces in December 2017 The Insurance Act brings with it changes to the Long-Term Insurance Act (LTIA), Short Term Insurance Act (STIA) and more specifically the Policyholder Protection Rules (PPR), creating new opportunities for existing insurers and providing for licensed micro-insurance products. Amendments to insurance […]