The South African Reserve Bank is to get an oversight committee co-chaired by its governor and the minister of finance, according to a policy document released by the National Treasury on Wednesday.
“The Reserve Bank’s mandate for financial stability will be underpinned by a new Financial Stability Oversight Committee,” it said.
It said legislation to implement the proposal would be tabled in Parliament this year, but gave no further details.
The document also said the government intended to improve consumer protection by broadening the mandate of the Financial Services Board to include regulation of banks’ market conduct.
Access to financial services would be broadened, and the Financial Sector Charter would be reviewed and reforms undertaken to encourage micro-insurance.
Regulatory coordination would be improved, and the Council of Financial Regulators formalised.
The document said all businesses in the financial sector should be licensed or registered. — Sapa