The Financial Services Board (FSB) of South Africa, an organization that oversees the country’s non-bank financial services industry, recently released a regulatory framework that is intended to help low-income individuals access affordable financial products. It defines standards with which financial products must comply and provides guidelines for each stage of product development that are intended to ensure that value is added for customers. The implementation date of the framework, called the Treat Customers Fairly (TCF) framework, is yet to be determined, but a roadmap outlining the implementation process is scheduled to be published at the end of March. Separately, FSB is developing a model for microinsurance products.
By Julie Moksim, Research Associate
About the Financial Services Board (FSB) of South Africa: The Financial Services Board (FSB) of South Africa is an independent institution established by statute to oversee the South African non-banking financial services industry. FSB supervises and regulates insurers, intermediaries, retirement funds, unit trust schemes, management companies and financial markets.
Sources and Additional Resources:
E-mail correspondence with Financial Services Board (FSB) of South Africa
Business Live: “New Microinsurance Model on Cards” by Evan Pickworth, March 15, 2011, http://www.businesslive.co.za/Feeds/inet/2011/03/15/new-micro-insurance-model-on-cards
MicroCapital.org Brief, January 25, 2011: Old Mutual South Africa (OMSA) Partners With Shoprite to Launch Pay-When-You-Can Funeral Microinsurance, https://www.microcapital.org/microcapital-brief-old-mutual-south-africa-omsa-partners-with-shoprite-to-launch-pay-when-you-can-funeral-microinsurance/
MicroCapital’s Microfinance Universe Profile: Financial Services Board (FSB) of South Africa
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financial+Services+Board
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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