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Promotion of Access to Information Act (PAIA)

The Promotion of Access to Information Act seeks to: Give effect to the constitutional right of access to any information held by the State and any information that is held by another person and that is required:

  • or the exercise or protection;
  • Provide for matters connected therewith.



Financial Intelligence Centre Act (FICA)

The Financial Intelligence Centre Act, (FICA), seeks to:

  • Establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities;
  • Impose certain duties on institutions and other persons who might be used for money laundering purposes;
  • Amend the Prevention of Organised Crime Act, 1998,
  • and the Promotion of Access to Information Act, 2000; and
  • Provide for matters connected therewith.



Public Finance Management Act (PFMA)

The Public Finance Management Act, "PFMA", seeks to:

  • Regulate financial management in the National Government and Provincial Governments;
  • Ensure that all revenue, expenditure, assets and liabilities of those governments are managed efficiently and effectively;
  • Provide for the responsibilities of persons entrusted with financial management in those governments; and
  • Provide for matters connected therewith.
To view the PFMA in detail, please download the Act below:



National Credit Act (NCA)

Until recently, the two most important Acts governing credit law in South Africa were the Usury Act 73 of 1968 and the Credit Agreements Act 75 of 1980. However, in June 2006, these two Acts were repealed to make way for the National Credit Act 35 of 2005. The Act codifies a number of basic rights that the consumer has with regard to the credit market. In the past, some consumers, especially the illiterate, were being unjustifiably exploited. This was due to the complicated nature of credit agreements, which often resulted in individuals entering into credit agreements with a large business and being rendered defenceless. Individuals often found themselves in an unequal bargaining position vis-à-vis the business or legal person with whom the contract was concluded. The South African population consists, predominately, of low-income earners who have not had recourse to channels of credit-granting, other than micro-financiers. These micro-financiers have earned themselves a negative market reputation for over-pricing debt repayments and capitalising on this vulnerable market. This has resulted in a large number of consumers being heavily over indebted and unable to service their monthly debt repayments.

Some of the principle objectives of the Act are:

  • To promote a fair and non-discriminating marketplace for the access of credit;
  • To prohibit unfair practices;
  • To promote responsible credit-granting practices by credit providers;
  • To prohibit reckless credit-granting;
  • To provide for the general regulation of consumer credit and improved standards of consumer information;
  • To promote Black Economic Empowerment and ownership within the consumer credit industry;
  • To provide for debt restructuring in cases of over-indebtedness;
  • To establish national norms and standards relating to consumer credit;
  • To establish the National Credit Regulator;
  • To establish the National Consumer Tribunal.



Financial Advisory and Intermediary Services Act (FAIS)

The Financial Advisory and Intermediary Services Act, also known as FAIS, aims to regulate financial service providers (FSPs) by protecting the public against improper conduct by such FSPs. The Act makes provision for FSP's to be licenced and authorised through the Financial Services Board (FSB). The FSB also regulates members of the industry in the way they provide advice, as well as related intermediary services, such as processing insurance claims, in terms of certain financial products, as defined by the Act. Fit and Proper Requirements The Act requires that competent and qualified persons render services and give advice (fit and proper requirements) so that one receives sound financial advice, services and products that best suit one’s individual needs. The products covered under FAIS include investments, insurance and deposits. Loans and credit agreements are not covered. Complaints If one is dissatisfied with advice given or services rendered in relation to a particular product, complaints should be referred to the Bank and we will attempt to resolve the issue internally. If, however, one remains dissatisfied, after all internal processes have been exhausted, the FAIS Ombudsman has been created by the FSB to handle all FAIS-related complaints.



Code of Banking Practice (The Banking Code)

The Code of Banking Practice (The Banking Code) deals with the various banks' relationship with their customers in South Africa. All banks, which are members of the South African Banking Council, are committed to maintaining the standards of fairness set out in the Code. The Code provides valuable safeguards for customers and helps individuals understand how banks are expected to deal with them. Copies of the Code are available from member banks and from the Banking Council. To view the complete Code of Banking Practice, please download the Banking Council Code here



Regulator Contact Details

Financial Sector Conduct Authority (FSCA):
41 Matroosberg Rd, Ashlea Gardens, Pretoria, 0002
012 428 8000 National Credit Regulator (NCR)
127 – 15th Road, Randjespark,
Midrand,
Johannesburg,
1685
Tel: 011 554 2600 / 2700 Banking Association of South Africa(BASA) 3rd Floor Building D
Sunnyside Office Park
32 Princess of Wales Terrace
Parktown
Johannesburg
2193
Gauteng
Tel: 011 645 6700