By Modupe Gbadeyanka
South African President, Mr Jacob Zuma, has signed the Financial Sector Regulation Act, 2017, into law.
The act aims to achieve a financial system that works in the interests of financial customers, and supports balanced and sustainable economic growth in the country.
It also helps to establish, in conjunction with other financial sector laws, a regulatory and supervisory framework that promotes financial stability; safety and soundness of financial institutions; and fair treatment and protection of financial customers.
In addition, the act aims to promote efficiency and integrity of the financial system; prevent financial crime; financial inclusion; transform the financial sector; and as well create confidence in the financial system.
A statement issued by the Presidency noted that the act also establishes two new financial sector regulators, the Financial Sector Conduct Authority and the Prudential Authority with jurisdiction over all financial institutions, and to provide them with a range of supervisory tools to fulfil their objectives.
It further provides for, and ensures that there is, co-operation and collaboration between the financial sector regulators, the National Credit Regulator, the Financial Intelligence Centre and the South African Reserve Bank.
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