Bank bill aims to ensure fair charges
The Banking Association SA says changes are already in place to raise standards
The Conduct of Financial Institutions (Cofi) Bill, destined for Parliament by year-end, will impose standards on products and services offered by banks, including assessing whether charges levied are fair, says the Banking Association SA (Basa). Banks had adopted treating-customers-fairly principles in the interim and were working hard to reach necessary outcomes, said Marguerite Jacobs, Basa’s GM for legislation and regulatory oversight. This included reducing the costs of certain products and services, Jacobs said. Cofi would consolidate market conduct regulation of banks, she said. This would be the first time banks reported to a designated market conduct regulator. The bill, which replaced 13 financial sector laws, was expected to reach Parliament by the end of 2017 or early in 2018, said Kershia Singh, deputy director at the Treasury. This depended on when twin peaks, or the Financial Sector Regulation Bill, which is before Parliament, is promulgated. Under twin peaks, the Prud...