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South Africa's Financial Services Bill Redrafted To Enhance Consumer Protection

by Amanda Banks, Tax-news.com, London

16 May 2001


The South African government has redrafted its Financial Institutions (Investment of Funds Bill) as the Financial Institutions (Protection of Funds) Bill with the intention of strengthening legislation to protect consumers within the country's financial services industry.

According to reports in the South African press, the amended bill added several provisions including one which granted the registrar the authority to publish the identity of people who had transgressed the legislation. And when identifying a 'specific practice or method of conducting business irregular or undesirable', the registrar will be able to declare it an illegal practice.

Under the new bill the registrar has also been given the power to tackle individuals and companies which do not come under his regulatory jurisdiction. For example, the registrar can now obtain documents such as curatorship orders when dealing with unregulated operations, which has been a very difficult task in the past due to red tape.

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