NATIONAL ASSEMBLY : 24th June 2008

 

Madame Speaker,  

This bill can accurately be described as an omnibus bill as it amends no fewer than twelve statutes.  

In general, the amendments will update existing laws; close regulatory gaps, and most importantly, increase the enforcement capabilities of the Financial Services Board, especially in the light of recent high-profile abuses in the financial sector.  

South Africa has a reputation for a highly-specialised and efficient financial services sector - a factor that definitely plays a role when investors make decisions about investing here. It is therefore of the utmost importance that this reputation be maintained and even be enhanced. 

The IFP therefore fully supports the provision to increase the enforcement ability of the FSB as the guardian of maintaining the highest standards of legal compliance for the sector.  

We also welcome the clarification that the bill brings to the FSB sharing information with other regulators and disclosing certain information to the public, if it is in the interest to improve co-ordination and enforcement across country borders and with other regulatory bodies in South Africa.  

The IFP supports the bill as it should ensure a well-regulated financial services industry, protect consumers and provide certainty to the industry as well as investors.

Thank you