Discover how the proposed COFI Bill could revolutionise transparency in South Africa's financial sector, requiring institutions to publish their audited financial statements and enhancing consumer protection.
South Africa’s financial sector is heading for one of its biggest transparency shake-ups in years.
Under the proposed Conduct of Financial Institutions Bill (COFI), which has recently been referred to Parliament, certain financial institutions may soon be required to publish their audited financial statements for public scrutiny. A move regulators say will strengthen consumer protection and accountability.
COFI seeks to ensure that financial customers are placed in a position to make informed decisions and that financial institutions are open and accountable.
This is reflected at both the product level and at an institutional level. At the product level, financial institutions will need to ensure that fees, terms, risks and benefits of financial products are transparent and understandable.
