The past few years have been associated with calls to accelerate broader participation of black South Africans in the economy. Underlying such calls is the recognition that without proactive strategies, the legacy of apartheid - an intractable hegemony of large financial firms and little in the form of the empowerment of the historically disadvantaged - would not be reversed. This stubborn persistence of the status quo has necessitated regulatory approaches to direct funds to meet the demands of inclusion. As an engine of development and with its critical role in funding growth, much has been expected of the financial sector. It is against this backdrop that the introduction of the Amended Financial Sector Code (effective from December 1 2017) should be applauded. The most notable part of the FSC is the introduction of black business growth funding as a way for financial sector participants to help the country transform, in their position as capital allocators. The revised FSC enabl...
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