South Africa's Cofi Bill to overhaul financial sector licensing

Key facts

• South Africa's Conduct of Financial Institutions (Cofi) Bill will require financial sector entities to undergo a new licensing process.
• The bill aims to overhaul the regulatory framework for financial institutions in South Africa.
• Uncertainty remains regarding the transition process for outsourced service providers.

The introduction of the Conduct of Financial Institutions (Cofi) Bill in South Africa signifies a major regulatory shift. This legislation aims to modernize and consolidate the oversight of the country's financial sector, potentially impacting a wide range of institutions and their operational models.