Madam Deputy Speaker, the Financial Services Laws General Amendment Bill can accurately be described as an omnibus as it amends no fewer than 12 statutes. In general, the amendments will update existing laws, close regulatory gaps, and, most importantly, increase the enforcement of the Financial Services Board, especially in the light of recent high-profile abuses in the financial sector, like the Fidentia scandal and several others.
South Africa has a reputation for having a highly specialised and efficient financial services sector - a factor that definitely plays a role when investors make decisions about investing here in South Africa. It is therefore of the utmost importance that this reputation is maintained and even further enhanced.
The IFP therefore fully supports the provision to increase the enforcement ability of the Financial Services Board as the guardian in maintaining the highest standards of legal compliance in the sector. We also welcome the clarification that the Bill brings to the FSB, sharing information with other regulators and disclosing certain information to the public if it is in the interest of improving co-ordination and enforcement across the country's borders and with other regulatory bodies in South Africa.
The IFP supports this Bill as it should ensure a well-regulated financial services industry, protect consumers and provide certainty to the industry as well as to investors and specifically beneficiaries of pension funds. Thank you.