The Treasury submitted its proposed final set of amendments to the Financial Services Laws General Amendment Bill to Parliament’s standing committee on finance yesterday.
The bill is intended to address urgent issues in 11 financial sector laws, including legislative gaps highlighted after the 2008 financial crisis.
The Treasury said yesterday that the objectives of the bill included closing gaps relating to South Africa’s adherence to international standards for financial regulation, eliminating overlaps caused by the Consumer Protection Act, Companies Act and Competition Act and making the Financial Services Board the lead regulator where there was concurrent jurisdiction.
The Treasury said the proposed revisions took into account concerns and proposals arising from the submissions received during the public hearings, as well as input from stakeholders and committee members.
The DA’s finance spokesman, Tim Harris, said the Treasury “appears to have ‘filed off’ a few of the nastiest edges of the original bill but many serious problems remain”.
He said the “refusal to make the FSB responsible for its own ‘gross negligence’ sets the bar of accountability far too low”. – Ann Crotty