Finance Minister Enoch Godongwana has formally introduced the Conduct of Financial Institutions (CoFI) Bill to Parliament.
Notice No. 7376 in Government Gazette No. 54520 of 17 April 2026 confirms that the Bill was tabled in the National Assembly on 17 April.
The Notice was not accompanied by a copy of the Bill, and the Bill was not yet on National Treasury’s website when this article was published today (20 April).
The Notice includes an explanatory summary, which closely tracks the structure and intent of previous iterations of COFI.
As the industry know, the Bill aims to create a single, consistent set of rules for how financial institutions must conduct their business.
It will apply to licensed financial institutions, supervised entities and their representatives, and will require firms to have proper compliance arrangements in place.
The Bill also deals with how representatives are appointed and debarred and sets out general business principles that institutions must follow. It introduces governance requirements for the boards and leadership of financial institutions and requires key individuals to meet fitness and proper standards.
Financial institutions that are subject to the Broad-based Black Economic Empowerment Act will be required to put plans in place to support transformation and “take all reasonable measures” to implement those plans.
The Bill includes specific requirements for firms that provide products and services to retail clients and small businesses. It also sets out principles for advertising and disclosure, and for how client funds and trust property must be handled.
The Bill introduces a single licensing framework for financial institutions, along with rules for how firms can be wound down or exit the market. It also provides for the recognition of equivalent foreign jurisdictions and sets consistent requirements for statutory ombuds.
Omnibus AML Bill also introduced
A separate Notice (No. 7377) in the same Government Gazette announced the introduction of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill in the National Assembly.
The General Laws Amendment Bill amends four pieces of legislation: the Financial Intelligence Centre Act, the Nonprofit Organisations Act, the Trust Property Control Act, the Companies Act, and the Financial Sector Regulation Act.
The amendments are designed to address remaining deficiencies in South Africa’s anti-money laundering and counter-terrorism financing (AML/CFT) framework ahead of the next Financial Action Task Force Mutual Evaluation, which is scheduled to begin in mid-2026 and conclude in October 2027.
