National Treasury published for public comment a draft financial sector policy document entitled "A safer financial sector to serve South Africa better" on Budget Day this year (23 February 2011).
The document sets out government's vision for the continued development of the financial sector in South Africa, including on the regulation of the sector after the 2008 global financial crisis, and a shift to a twin peaks model. It outlines reform priorities in four policy areas: financial stability, consumer protection & market conduct, access to financial services, and combating financial crime.
Given the complexity of the proposed reforms, the National Treasury will be accepting comments on the document until 30 June 2011. Public comments are invited from all interested stakeholders. The paper can be accessed on the Treasury website through the following link: http://www.treasury.gov.za/public%20comments/default.aspx.
Written comments should be sent to: financial.policy@treasury.gov.za or faxed to 012 315 5206 and should reach National Treasury on or before 30 June 2011.