The Amended Financial Sector Code (FSC) was gazetted on Friday 1 December 2017.

The FSC has been prepared in terms of the Broad-Based Black Economic Empowerment Act of 2003 as amended by Act 46 of 2013.  The FSC commits all participants to actively promote a transformed, vibrant and globally competitive financial sector that reflects the demographics of South Africa, which contributes to the establishment of an equitable society by providing accessible financial services to black people by directing investment to targeted sectors of the economy.

The FSC is the product of the interaction between the financial sector trade associations, ABSIP, Organised Labour, Community and Government.  The FSC reflects the accord reached by all the stakeholders regarding their joint commitment to fostering B-BBEE in the financial sector and in the South African economy.

ASISA, supported by its members, currently runs the following initiatives to support the objectives of the FSC.  These are:

  • The ASISA Foundation – a non-profit industry initiative that delivers effective and objective financial literacy and micro-enterprise development programs to South Africa’s most vulnerable members of society. A strong focus of the ASISA Foundation is also on Pension Fund Trustee Training.
  • The ASISA Enterprise and Supplier Development Fund – builds black owned Small and Medium Enterprises, identified predominantly in ASISA members supply chains, through a combination of tailored business acceleration and investment support.
  • The ASISA Academy is an independent business school in which high quality learning solutions are created, evolved and delivered to meet the practical learning and development needs of South African Savings, Life Assurance and Investment Industry. The ASISA Academy learning solutions are informed by and responsive to industry realities and delivered in an academically sound and practitioner-led manner.

In parallel to the above initiatives ASISA and its members are also working proactively with National Treasury and other key stakeholders such as the banks and organised labour, to address various infrastructure financing and social security related issues.

To download the FSC and its supporting documentation kindly visit the Financial Sector Transformation Council’s website