• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
See More

Accountants must understand new laws

Sep 25 2012 13:48 Sapa

Related Articles

New guide for small businesses

Taxpayers urged to use tax specialists

CPA 'plain language' poser

FSB test deadline extended

Sarb: Unsecured credit boom not a bubble

Transaction Capital lists on JSE

Johannesburg - Accounting professionals must understand how new legislation will affect business at large, the SA Institute of Chartered Accountants (Saica) said on Tuesday.

The Consumer Protection Act (CPA) had already come into force, and the Financial Services Board's (FSB) treating customers fairly roadmap would be passed into law in January 2014.

"This caution has been made following the increasing amount of legislation impacting the accounting profession," Saica said in a statement.

The Treating Customers Fairly (TCF) programme would try to regulate the financial service industry's market conduct to promote a culture of fair treatment of customers.

It sought to ensure that specific and clearly articulated fairness outcomes for financial services customers were demonstrably delivered by financial services institutions.

"With all the market conduct regulatory frameworks in place, for instance, the CPA, National Credit Act and the proposed 'Twin Peaks' model of regulation, it is important for accounting professionals to understand where TCF fits in and how all these frameworks will work together," said Saica spokesperson Tshegofaco Rametsi.

"Customers have high expectations of their financial services providers, and they rely on the information provided by these professionals when making decisions on products and services they want to engage with."

Saica continued to engage with the FSB and other regulators to influence initiatives.

"Saica encourages accountants who work within the financial services sector to identify the business implications of achieving the TCF objectives as set by the FSB, and linking them to the strategy of their organisations," said Rametsi.

FSB spokesperson Leanne Jackson said: "TCF needs to be thought through right across a group's strategy, as it could impact on profitability, marketing, business processes, product design, human resources, distribution and more."

*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.
saica  |  financial services board  |  cpa


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.


Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...