Regulatory Alerts2019-09-19
Guidance Note 2 of 2019: Guidelines for Business Plans, Savings and Loans Policies for Co-operative Financial Institutions
The Prudential Authority of the South African Reserve Bank issues this guidance to establish minimum requirements for business plans, savings policies, and loans policies that prospective and registered co-operative financial institutions must submit for registration under the Co-operative Banks Act. The document outlines specific structural, governance, financial, and operational components these documents must contain, emphasizing that they should be proportionate to the institution's size and reviewed periodically to reflect changing circumstances. Compliance with these guidelines ensures alignment with Prudential Standard TCFI-01 and facilitates regulatory assessment of the applicant's financial viability, governance framework, and product offerings.