Financial regulators will get the power to punish rights violations
New act widens the scope of regulation to protect all people affected by financial misconduct, write Baone Twala and Nomonde Nyembe
The president recently signed the Financial Sector Regulations Act into law. The act has been lauded by business and organisations such as the Banking Association SA, and rightly so. One of the aims of the act is to achieve a financial system that "supports balanced and sustainable growth" in the country; another is to promote "the fair treatment and protection of financial customers". Sustainability is the balanced sum of economic, environmental and social considerations. The act truly provides for the promotion and protection of the human aspect of sustainability. The social, or human, arm of sustainability is equally important to the achievement of the act’s aims and, therefore, worthy of promotion and protection. In providing practical ways to promote and protect the social aspect of sustainability, the act achieves something very significant. It illustrates how the government can create an environment in which business can flourish while simultaneously protecting and promoting ...
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