Black entrepreneurs and finance professionals could be in for a R120bn windfall if proposed revisions to the Financial Sector Code (FSC) of Good Practice are adopted. Revisions to the code, the second version of which was gazetted in 2012 to bring the 2004 financial services charter in line with broad-based black economic empowerment regulations, are in the works after the Department of Trade and Industry amended empowerment regulations in 2013. Proposed amendments to the code include a scorecard for financing provided to black-owned businesses, which could see R122bn making its way from banks and life insurers to targeted investments, such as transformational infrastructure, black agricultural financing, affordable housing and a black business growth or SME fund. About R47bn is specifically reserved for the black business growth fund. "The black business growth fund has specific rules meant to target investing directly into black-owned businesses," said Polo Leteka, who is one of t...
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