On budget day, the National Treasury released a document, 'A safer financial sector to serve South Africa better', which sets out government’s proposals for a stable financial services sector that is accessible to all, emphasising financial stability, consumer protection and financial inclusion. The main proposal is to separate prudential and market conduct regulation. The document also outlines a number of proposed changes to the regulation of market conduct, consumer protection and financial inclusion, including a new approach to dealing with high and opaque bank charges as well as insurance and savings charges.
The release of this document was the first step in the Treasury’s consultative engagement with society on this matter. To further this engagement, the National Treasury will host a media briefing, the details of which are as follows:
Date: Tuesday, 15 March 2011
Time: 08h30am
Venue: The Grace Hotel 54 Bath Avenue, Rosebank
To confirm your attendance, please contact:
Kershia Singh
Cell: 072 623 4608
E-mail: Kershia.singh@treasury.gov.za
The document is available on the National Treasury website or by clicking on: http://www.treasury.gov.za/documents/national%20budget/2011/
