Amended Financial Services Sector Code Gazetted

Department of Trade and Industry

The amended Financial Services Sector Code is in place.

The trade and industry department published the revised code in Government Gazette 41287.

It contains 3 different scorecards for entities, namely, a scorecard for Banks and Life Offices, for Short-term Insurers and for other Financial Institutions.

In addition to the Generic Codes elements, Banks and Life offices have two sector-specific elements- Empowerment Financing and Access to Financial Services.

Short-term Insurers have one additional element, namely, access to financial services while other financial institutions’ have the same elements on their scorecards as the Generic Codes.

Small enterprises can be verified if they want to.

Other targets in the draft code include a 25% ownership target, the alignment of management control targets to the generic codes, skills development targets ranging from a lower target of 2% for higher levels of management to 8% for non-management staff, a consumer education component in socio-economic development, a unique element on empowerment financing and access to financial services.

The revised code came into effect on the date of publication.

Meanwhile, the department has, in Gazette 41287, announced the designation of the Musina - Makhado Special Economic Zone (South African Energy and Metallurgical Zone).

In a separate matter, the department, in Gazette 41287, has published two proposed amendments to compulsory specifications for comment:

•    Notice 1329 - Amendment of the compulsory specification for canned fish, canned marine molluscs and canned crustaceans and products derived therefrom (VC 8014).
•    Notice 1330 – Amendment to the compulsory specification for circuit-breakers (VC 8036).

Comment on both draft amendments is invited within two months after the publication of the notice.

Sabinet Cape Town Office