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COFI: All about the customer

03 July 2025 | General

There South Africa's financial sector is on the cusp of a profound transformation with the imminent arrival of the Conduct of Financial Institutions (“COFI”) Bill. This landmark legislation presents itself as the second leg of the “Twin Peaks” regulatory reform model, to stand alongside the Financial Sector Regulation Act (FSRA) that has already been implemented. COFI aims to consolidate and strengthen market conduct laws, fundamentally changing how a financial institution operates and interacts with its customers. At its heart, COFI seeks to usher in a new era of fairness, transparency, and consumer protection with the aim of creating a more customer-focused and outcome-driven regulatory approach, effectively moving away from the rules-based system currently employed in the industry.

PFA finds fund had failed to properly investigate financial dependency

02 July 2025 | PFA - Pension Fund Adjudicator

The Pension Funds Adjudicator Muvhango Lukhaimane has set aside the allocation of a death benefit and ordered the pension fund to consider the financial dependency of the complainant and her children on the deceased.

Thousands of financial service complaints come from rural areas

02 July 2025 | The National Financial Ombud Scheme (NFO)

Assisting consumers with their complaints and giving the right advice at the right time to rural and vulnerable people can significantly reduce the complaints arising from financial products and services in these communities.

Manual FICA compliance is draining law firms' billable hours – and risking crippling penalties

30 June 2025 | General

For law firms across South Africa, the challenge of FICA compliance is becoming a mounting (and unnecessary) trade-off between the efficient, profitable practice of law and the arduous, often error-prone demands of manual compliance administration.

quick poll

Question

If I were tasked with taking my firm’s customer experience (CX) to the next level, I would:

Answer

Bake human into the mix Integrate CX into KPIs Map the full value chain Respond to consumer feedback

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Stand-out greylisting warnings and predictions at financial crime conference

27 June 2025 | General

OMNI-CBR on pause as FSCA rebuilds the framework

26 June 2025 | Financial Sector Conduct Authority (FSCA) (was FSB)

The High Price of Non-Compliance: Why South Africa's financial institutions must prioritise regulatory adherence

24 June 2025 | General

Ombud ruling sparks conversation around broker communication

24 June 2025 | FAIS Ombudsman

NFO recovers a staggering R328 million for disgruntled financial consumers

20 June 2025 | The National Financial Ombud Scheme (NFO)

Looks legit, launders millions: How ordinary clients are becoming extraordinary risks

17 June 2025 | General

PFA urges regulator to act against unresponsive Pension Fund

09 June 2025 | PFA - Pension Fund Adjudicator

Is your advice practice ready for its first sip of COFI?

09 June 2025 | General

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Compliance - Regulatory