Taken from "National Treasury Policy Document. A safer financial sector to serve South Africa better (23 February 2011)". Page 64 to be specific. The FSC allows for a comprehensive mid-term review of its target to take into account achievements by the financial sector against the targets and to adjust the targets in line with existing […]
Treasury on the FSC Read More »
There has been a little bit of press on the draft FSC. It is only right that I talk a bit more about it. It's a little bit sparse and uses strong words like "fungibility" (paragraph 7.2.4.3) but then that's because only phase one has been published. It's not clear when phase 2 will be
It's amazing how these things get gazetted with little or no fanfair. I picked up on it from a press release published by Moneyweb. Members of the public have until Wednesday 10 February 2011 to make comments which will serve as inputs for the finalisation of the Financial Sector Code. Here it is.
Draft FSC gazetted under section 9(5) Read More »
"A common vision on transformation outcomes is critical," explained Coovadia. "As of yet, we haven’t agreed on what we mean by ‘capital access.’" via www.businessday.co.za Great conclusion from Cas. If you have the stomach for it you can read the ANC(lueless)YL statement on banks in SA. It is becominng more difficult to tell Shivambu and
Banking Association rejects Youth League state bank premise Read More »
Royal Bafokeng Holdings (RBH) might take a stake of as much as R10 billion in one of the country’s big banks over the next few years, chief executive Niall Carroll said yesterday. “We would like to have a significant investment in financial services and it’s possibly a R5bn to R10bn stake in one of the
Bafokeng eye banking stake Read More »
Well, well, well, Zoomachine Gun shows a little mettle and we get a new cabinet. Can't say I thought much of Nyanda anyway. What is interesting though is that Mdladlana has been replaced as minister of labour by Mildred Oliphant. We all know that jungle was booted out of Mdladlana's ministry, but we don't really
A new cabinet and jungle lore Read More »
I have met with key stakeholders and bank CEOs to revitalise the Financial Sector Charter, which commits the sector to demanding access and empowerment targets Budget Speech 2010 Minister of Finance Pravin Gordhan 17 February 2010 This is very good news. So good that even the SACP is happy about it (The SACP is) happy
Busi’s still got a job – ie FSC is back on track Read More »
Two articles this weekend caught my attention. Both discussed the future of the FSC (Financial Sector Charter) and both intimated that it still has a life. I am a major fan of the FSC – without it the unbanked will remain unbanked, the uninsured will remain uncatered for and banks will make up ED points
FSC in ICU but not dead Read More »
Found this on the Republikein Online website. THE Namibian financial sector, in consultation with Government, has been engaged in sector-wide consultations for the past few years with the aim of formulating a Charter for the sector. It has been agreed that the Charter will apply to all financial institutions, except SMEs as defined in the
