All financial services providers will have to comply with transformation targets, or else …
The Financial Sector Conduct Authority , which regulates all financial services providers, is preparing to demand transformation plans from participants, and could ultimately withhold licences from those who do not comply with specific black economic empowerment thresholds.
It says financial institutions “will be required to have transformation plans in place and submit these plans to the FSCA at licensing stage … Already licensed institutions will be required to submit a plan as part of the COFI Bill framework licensing conversion process within the relevant transitional period”.The FSCA adds that “non-submission of a transformation plan during the licensing process may result in a licence application being considered incomplete”.
“This contrasts with other stakeholders such as the FSTC , which is not able to sanction institutions, and even the B-BBEE Commission, whose administrative actions are limited to instances of fraud or misrepresentation. The FSCA will ultimately be able to act against financial institutions that do not adhere to commitments made in terms of their transformation plans.
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