Regulation won't restore confidence in SA

SA's financial services sector will not flourish if regulation does not ensure level playing fields and remove unnecessary barriers to doing business‚ said chairman of the Association for Savings and Investment SA (Asisa) and chief executive of Sanlam Johan van Zyl on Wednesday (10 April).

By Evan Pickworth

11 Apr 2013

Regulation won't restore confidence in SA

An open critic of over-regulation‚ Van Zyl told the Asisa conference in Durban that the global financial crisis was not over and continued to pose challenges. He did not believe confidence would be restored through regulation alone‚ especially as SA did not face the same problems as Europe.

"I do not believe all the regulatory changes are appropriate for us‚" he said‚ adding that regulation needed to provide a sustainable environment‚ while partnerships with all stakeholders were critical.

"The best protection for the consumer is a sustainable financial services sector. The solution to building confidence is working together as a collective for the same goals‚" he said.

A number of speakers from Treasury and the Reserve Bank‚ which are driving regulation in SA‚ will be engaging with industry during the two days of the conference.

"It is common knowledge that people have lost confidence in the financial services sector. SA is now playing in the premier league as part of the G-20 and Brics. But the industry can get better. All parts of the sector need to work together‚" said Asisa chief executive Leon Campher.

Asisa opened its doors in 2008 and represents 109 member companies managing about R4.64trn of the R5.34trn regulated savings pool in SA.

Source: I-Net Bridge

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