Cape Town - In a bid to strengthen the country's financial systems, Cabinet has approved that the Financial Services General Amendment Bill (2012) be submitted to Parliament.
The Bill would "effect urgent and necessary legislative changes" highlighted by the 2008 financial crisis as reflected in the National Treasury's policy paper entitled "A safer financial sector to serve South Africa better".
It would also give Finance Minister Pravin Gordhan more powers to deal with systematic risks to the financial sector.
Its primary objective would be to ensure "a sound and well-regulated financial services and to promote financial market stability."
Cabinet spokesperson Jimmy Manyi announced this to the media on Thursday following an ordinary Cabinet Meeting on Wednesday.
He said among others, the Bill sought to strengthen the financial sector regulatory framework and enhance the powers of the Minister of Finance to "address potential risks to the financial system".
Manyi said the Bill would address gaps identified by the International Monetary Fund Financial sector assessment programme calling for adherence to international standards for financial regulation.
It would also align financial sector regulation with the Companies Act as well as fix overlaps caused by the Consumer Protection Act.
