From CompliNEWS | Financial Service Intelligence Watch
COFI Bill set for Parliament this year – Treasury
The long-awaited Conduct of Financial Institutions (COFI) Bill is nearing its next legislative step, with its final draft
awaiting certification before submission to Parliament, according to the National Treasury.
In its 2025 Budget Review, which was not tabled in Parliament yesterday, Treasury confirmed that the COFI Bill has already undergone two rounds of public consultation, several stakeholder workshops, and subsequent revisions based on feedback received.
With the national budget speech now scheduled for 12 March 2025, Treasury stated:
‘The final draft of the Bill is awaiting certification from the Office of the Chief State Law Adviser. Once certified, it will be submitted to Cabinet for approval before being tabled in Parliament.’
Despite this progress, Treasury remained non-committal on a precise timeline for the Bill’s enactment. However, it noted that the Financial Sector Conduct Authority (FSCA) is actively preparing for its implementation, with further details expected in the 2025 three-year regulation plan.
The FSCA has already begun informal engagements on some of the regulatory frameworks it plans to introduce once the Bill is enacted.
These discussions will continue throughout the next budget period.
Treasury reiterated that the COFI Bill aims to streamline and harmonise financial sector regulations, creating a single, holistic framework for market conduct regulation in South Africa. It will ensure consistent application across all financial institutions.
Additionally, Treasury is finalising comprehensive amendments to the Financial Sector Regulation (FSR) Act and the Pension Funds Act, while also repealing outdated conduct-focused financial sector laws.
Notably, amendments related to the National Payment System Act are being separated from the COFI Bill into a standalone Bill, ensuring alignment with both the COFI Bill and the FSR Act.
Given the interdependencies between these legislative changes, Treasury stated that efforts will be made to process both Bills concurrently, where feasible.
‘The Bills are expected to be tabled in Parliament during 2025,’ Treasury concluded.