THE financial services sector has committed itself to spending R122bn on various forms of black economic empowerment (BEE) over a period of five years.The commitment was agreed by the Financial Services Sector Charter Council, which also thrashed out the new draft amended broad-based BEE code for the sector. The draft was published recently in the Government Gazette for public comment until May 17.The sector includes banks, long-and short-term insurers, retirement-fund administrators, collective investment scheme companies, brokers and private equity firms, among others. The new draft code harmonises the existing code published in 2012 with the Department of Trade and Industry’s amended codes of good practice.The council’s CEO Isaac Ramputa said the targeted R122bn would include both old and new money as well as the funding of the black industrialists programme. It would also be spent by the sector on financing empowerment transactions, providing finance for small, medium-sized and ...

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