Gazetting of financial sector code will drive transformation, says Coovadia
The code makes provision for R122bn to be spent by the sector on empowerment financing over five years
The gazetting of the financial sector code last Friday would unlock energies and further drive transformation, Banking Association SA MD Cas Coovadia said on Monday. The code, agreed on within the Financial Sector Charter Council, was submitted to Trade and Industry Minister Rob Davies earlier this year. Revisions to the code were necessary to align it with broad-based black economic empowerment (B-BBEE) regulations. Having now been gazetted the code will be legally binding on players in the sector. Davies said on Monday that the newly gazetted code would have to be reviewed again to take into account the recommendations of the report on transformation of the financial sector, which was compiled by Parliament’s finance and trade and industry committees after their public hearings on the issue. There were also other considerations which needed to be taken into account in the review, the minister said. However, Coovadia clarified that this review would not have to be immediate. "We wi...
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