The medical schemes regulator has criticised the Treasury for failing to consult it on the draft Conduct of Financial Institutions Bill, saying it will render it a lame duck if passed in its current form. The bill is part of the government’s reforms to strengthen governance of the financial services industry, following the promulgation of the Financial Sector Regulation Act in 2017, which established the Prudential Authority and the Financial Sector Conduct Authority (FSCA). The bill outlines what consumers and industry players can expect of financial institutions, including medical schemes and administrators. Its proposals thus affect the role of the Council for Medical Schemes (CMS), which oversees 80 medical schemes that provide health cover to 8.9-million people. The bill was published by the Treasury in December 2018, and interested parties had until April 1 to comment. Its explanatory note reads that the FSCA’s full powers will apply to medical schemes, but initially this role...

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