National Treasury of South Africa - Treating Customers Fairly in the Financial Sector: A Draft Market Conduct Policy Framework for South Africa


Protecting customers and ensuring they are treated fairly by financial institutions is the essence of market conduct policy and law. Market conduct regulation aims to prevent (and manage when prevention is not successful) the dangers that arise from a financial institution conducting its business in ways that are unfair to customers or undermines the integrity of financial markets and confidence in the financial system. This National Treasury of South Africa paper policy document seeks to facilitate a critical examination by stakeholders of weaknesses in governance, incentives, business practices and government policies that serve to undermine financial sector policy objectives of prudential soundness, stability, integrity, inclusion and treating customers fairly. The paper is divided into several chapters, and covers the following topics:

1. The Problem Statement
2. What Is Market Conduct Regulation? How Does It Better Protect Financial Customers?
3. A Strategy Underpinned by A Consolidated and Harmonized Market Conduct Law
4. Accelerating and Intensifying Industry Interventions
5. Cross-Sector Interventions: Implementing the Treating Customers Fairly Framework
6. An Integrated Ombud System
7. Strengthening Financial Literacy and Capability
8. Enhancing the Efficiency and Integrity of Financial Markets
9. Implementation of the New Regulatory Framework

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Thursday, December 11, 2014
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National Treasury of South Africa
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