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Mistreated customer moves R1m out of bank

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

A 76-year-old bank customer was so aggrieved by the failure of his bank to handle his complaints that he closed all his accounts with the bank and moved R1 million out of the bank.

Conduct reform does not hinge entirely on COFI enactment

31 March 2025 | Financial Sector Conduct Authority (FSCA) (was FSB)

If you attended the 2025 FSCA Industry Conference hoping for clarity on when the Conduct of Financial Institutions (COFI) Bill would be tabled in Parliament, you would have left disappointed. After listening to an hour-long regulatory update panel featuring representatives from both Twin Peaks regulators, the best your writer can offer is that the Bill will be tabled in 2025, or 2026. Whatever the timeline, there are other regulatory mechanisms the authorities can use to achieve its market conduct objectives.

FSPs under increased scrutiny, grey list or not

27 March 2025 | Financial Sector Conduct Authority (FSCA) (was FSB)

South Africa is making meaningful strides towards exiting the Financial Action Task Force (FATF) grey list, with those leading the effort optimistic that the remaining obstacles will soon be overcome. In a presentation to the Financial Sector Conduct Authority (FSCA) Industry Conference 2025, once National Treasury stalwart and now head of the country’s delegation to FATF, Ismail Momoniat, confirmed that, “We are now in the last mile, and we only have two action items to address.”

Security company fails in bid to have PFA determinations set aside

25 March 2025 | PFA - Pension Fund Adjudicator

In a victory for long suffering members of the Private Security Sector Provident Fund, the Gauteng High Court dismissed four applications by a security company for the determinations issued by the Pension Funds Adjudicator against it to be set aside.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

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