Legal Center
Legal Information
Promotion of Access to Information Act (PAIA)
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or the exercise or protection;
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Provide for matters connected therewith.
Financial Intelligence Centre Act (FICA)
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Establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities;
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Impose certain duties on institutions and other persons who might be used for money laundering purposes;
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Amend the Prevention of Organised Crime Act, 1998,
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and the Promotion of Access to Information Act, 2000; and
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Provide for matters connected therewith.
Public Finance Management Act (PFMA)
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Regulate financial management in the National Government and Provincial Governments;
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Ensure that all revenue, expenditure, assets and liabilities of those governments are managed efficiently and effectively;
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Provide for the responsibilities of persons entrusted with financial management in those governments; and
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Provide for matters connected therewith.
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 However, in June 2006, these two Acts were repealed to make way for the National Credit Act 35 of 2005.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:
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To promote a fair and non-discriminating marketplace for the access of credit;
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To prohibit unfair practices;
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To promote responsible credit-granting practices by credit providers;
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To prohibit reckless credit-granting;
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To provide for the general regulation of consumer credit and improved standards of consumer information;
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To promote Black Economic Empowerment and ownership within the consumer credit industry;
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To provide for debt restructuring in cases of over-indebtedness;
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To establish national norms and standards relating to consumer credit;
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To establish the National Credit Regulator;
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To establish the National Consumer Tribunal.
Financial Advisory and Intermediary Services Act (FAIS)
Code of Banking Practice (The Banking Code)
Regulator Contact Details
41 Matroosberg Rd, Ashlea Gardens, Pretoria, 0002
012 428 8000
127 – 15th Road, Randjespark,
Midrand,
Johannesburg,
1685
Tel: 011 554 2600 / 2700
Sunnyside Office Park
32 Princess of Wales Terrace
Parktown
Johannesburg
2193
Gauteng
Tel: 011 645 6700