Trade and Industry Minister Rob Davies has called on the public to make inputs and comments on the Draft Amended Financial Services Sector Code (FSC).
According to the Department of Trade and Industry (DTI), the Draft Amended FSC has unique features and deviations that intend to address transformation peculiarities that exist in the sector. In a statement, Minister Davies said that most of the principles of the old FSC have been maintained on the ownership element, subject to periodic review by the Financial Services Sector Charter Council as well as reporting to the Minister of Trade and Industry on the performance and dilution of black ownership in the sector.
The Service Sector Code has been gazetted in terms of Section 9 (5) of the Broad Based Black Economic Empowerment (B-BBEE) Act 53 of 2003 as amended by B-BBEE Act 46 of 2013.
“The aim is to ensure support for black owned entities, including black industrialists, and to ensure that people in marginalised areas have access to transaction, sales and service points. In this regard no less than R122 billion shall be spent by the sector under Empowerment Financing for investment into black SMME finance, affordable housing, infrastructure and black industrialisation, as well as Risk Capital Finance and BEE transaction financing,” the Minister said.
The deadline for comment on the FSC is 17 May 2016. For more information, visit http://www.thedti.gov.za/gazzettes/39818.pdf .