ATC131107: Report of the Select Committee on Finance on the Financial Services Laws General Amendment Bill [B29B – 2012] (National Assembly – sec 75), dated 05 November 2013

Report of the Select Committee on Finance on the Financial Services Laws General Amendment Bill [B29B – 2012] (National Assembly – sec 75) , dated 05 November 2013

The Select Committee on Finance, having considered the Financial Services Laws General Amendment Bill [B29B – 2012] (National Assembly – sec 75), referred to it, and classified by the JTM as a section 75 Bill, reports it has agreed to the Bill.

The Committee further wishes to recommend that:

·         The Minister of Finance should  review the enforcement powers that are given to the Registrar for the Financial Services Board;

·         An investigation should be undertaken to establish the basis of the negative reporting on the Financial Services Board regarding its handling of some pension funds and its relationship with the curators, which cast doubts on its professional integrity and that of the institution and it being given more powers. This could have some serious implications on the integrity of the institution of the Financial Services Board if such are not investigated as it has been the norm with other financial institutions residing under National Treasury, e.g. South African Revenue Services.

Report to be considered.