Financial sector’s reform still to be implemented: Report

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Several elements of the financial sector reform process must still be implemented. This is reflected in the Prudential Authority’s 2018/2019 inaugural report which has been been tabled in Parliament by Finance Minister, Tito Mboweni.

In his overview, the Prudential Authority CEO and Reserve Bank Deputy Governor, Kuben Naidoo, says the authority will issue Prudential Standards in the 2019/2020 financial year for the supervision of conglomerates and begin to regulate the fitness and propriety of significant owners.

The Prudential Authority was established on the 1st of April last year in terms of the Financial Sector Regulation Act which became law in 2017.

The authority operates under the Reserve Bank consisting of a committee chaired by Reserve Bank Governor, Lesetja Kganyago.