The primary objective of the new Conduct regulatory framework is the promotion of the fair treatment and protection of customers by financial institutions.
While some firms like to believe that Conduct will only become effective on the promulgation of the Conduct of Financial Institutions Bill (“COFI Bill”), in our view Conduct is already effective in sector specific legislations (for example in the Policyholder Protection Rules in the insurance industry). Our clients tell us that they have made good strides in embedding Conduct risk into their risk structures but that there is much work still to be done. In this context, KPMG’s Market Conduct practice conducted a detailed survey in which four banks, fourteen insurers and ten asset managers participated.
The survey provides insight into the South African financial services industry’s progress in embedding Conduct within their businesses.
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