Category Legal Affairs

Conduct of Financial Institutions Bill published for comment

13 December 2018 Patrick Bracher, Norton Rose Fulbright
Patrick Bracher, Norton Rose Fulbright

Patrick Bracher, Norton Rose Fulbright

In case you are wondering what your holiday reading is, the draft Conduct of Financial Institutions Bill has been published by the National Treasury for comment. Comments will be accepted until 1 April 2019.

The suite of documents includes the Bill itself (188 pages), the COFI Bill Policy Paper (90 pages), and the Socio-Economic Assessment setting out the identified problems, the main causes of the problems and why the problems arise, according to Treasury.

This Bill has been long-awaited and it fills the gap in the insurance legislation which currently consists of the Financial Sector Regulation Act 2017 and the Insurance Act 2017 (and their subordinate legislation).

Unfortunately the burden on the insurance industry will not stop at the 188 page legislation (although this is in a big font with wide spacing). Once this enabling Act is brought into force, expect a flood of Conduct Standards which will initially convert the current Long-term Insurance Act and Short-term Insurance Act and its Regulations and Policyholder Protection Rules into Standards.

First published by: Financial Institutions Legal Snapshot

Quick Polls


The Financial Sector Conduct Authority (FSCA) released a notice extending the CPD cycle for 2018 until 31 July 2019. What is your opinion on this?


I am relieved as it means that I have more time to catch up on those CPD hours and activities
Why should individuals be given more time when they had 12 months to comply
Instead of waiting for the last minute, I proactively implemented the necessary actions timeously and effectively
The regulator’s actions are questionable
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