On budget day, the National Treasury released a document, A safer financial sector to serve South Africa better, which sets out government's proposals for a stable financial services sector that is accessible to all, emphasising financial stability, consumer protection and financial inclusion. The main proposal is to separate prudential and market conduct regulation. The document also outlines a number of proposed changes to the regulation of market conduct, consumer protection and financial inclusion, including a new approach to dealing with high and opaque bank charges as well as insurance and savings charges.
The release of this document was the first step in the Treasury's consultative engagement with society on this matter.
The document is available on the National Treasury website or by clicking on: http://www.treasury.gov.