Regulatory Alerts2020-03-03
FSCA Retail Banking Diagnostic Assessment and Recommendations (Annexure A)
The Financial Sector Conduct Authority has issued a diagnostic assessment requiring comprehensive regulatory reforms for South African retail transactional accounts and fixed deposits. The authority mandates strengthened product-design obligations, a statutory regime prohibiting unfair terms and penalty fees, standardized short-form disclosures, and clearer language and fee-comparison requirements to enhance accessibility for low- and middle-income consumers. These measures will be integrated into the COFI/FSR Laws and monitored through transformation plans, FinScope survey data, and targeted supervisory interventions to ensure sustainable account usage and fair pricing.
Share