New code impels finance sector to spend R122bn on funding transformation
The amended financial services sector code published in the government gazette on Friday is now a legally binding document on all players in the financial sector. Trade and Industry Minister Rob Davies said the code made provision for no less than R122bn to be spent by the financial sector on empowerment financing. However, the minister said the newly gazetted code would have to be reviewed again to take into account the recommendations of the report on the transformation of the financial sector. The report was compiled by Parliament’s finance and trade and industry committees following their public hearings on the issue. There were also other considerations that needed to be taken into account in the review, said Davis in a media statement on Monday. He said it was of vital importance to transform the sector, which managed more than R8-trillion worth of assets and contributed 21.6% to GDP annually. The amended financial sector code had unique features and deviations aimed at addres...
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