Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 5 : Co-operation and Collaboration

Part 3 : Financial Sector Inter-Ministerial Council

85. Protection for financial customers in terms of financial sector laws, National Credit Act and Consumer Protection Act
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(1)The Cabinet members responsible for consumer protection and consumer credit matters may request the Inter-Ministerial Council to consider whether or not a provision in a financial sector law, or in a proposed financial sector law, Regulation or regulatory instrument, provides or would provide for a standard of protection for financial customers that is equivalent to, or higher than, the protection provided for them in terms of the National Credit Act or the Consumer Protection Act.

 

(2)The Inter-Ministerial Council—
(a)must comply with the request; and
(b)may, if it considers that the provision does not provide for such a standard of protection for financial customers, make recommendations to amend the provision, or to take other lawful and appropriate action, to ensure that the protection is at least equivalent.