Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Financial Services  Charter

Code Series FS800: Measurement of the Access to Financial Services Element of Broad-Based Black Economic Empowerment

Statement 800: The General Principles of the Access to Financial Services Element of Broad-Based Black Economic Empowerment
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1.The criteria relating to exemption from the Access to Financial Services Provisions:

 

1.1If the financial institution is a wholesaler, in the sense that it is not a provider of first-order financial products and services, it will be exempt from the provisions of Code FS800 unless it opts to be so bound.

 

1.2If the financial institution is a retailer of first-order financial products and services but, on grounds presented to and accepted by the Council, it would be inconsistent with its business model for it to extend those products or services to low-income communities, it will only be responsible for the consumer education component of Access to Financial Services, and the points will be adjusted accordingly.