Regulatory Alerts2020-02-24
Conduct Standard for Banks
The Financial Sector Conduct Authority issued this consultation report to finalize a high-level, principles-based Conduct Standard for banks that regulates their conduct across all financial products and services. The report addresses public feedback, primarily from the Banking Association of South Africa, by rejecting proposals to limit the standard’s scope to deposits or retail customers and clarifying key definitions regarding advertising, compensation, and complainants. By confirming the standard’s broad application and alignment with ongoing regulatory developments like the Conduct of Financial Institutions Bill, the Authority ensures immediate supervisory oversight over banking conduct without awaiting broader legislative finalization.