FINANCIAL SECTOR & DEPOSIT INSURANCE LEVIES ACT: DRAFT LEVY ADJUSTMENTS OUT FOR COMMENT

FINANCIAL SECTOR & DEPOSIT INSURANCE LEVIES ACT: DRAFT LEVY ADJUSTMENTS OUT FOR COMMENT

• 19 June 2024
• Financial Sector
• SA Legal Academy

Please note: On 23 August 2024, National Treasury gazetted amendments to the Act’s Schedules 2 and 3 – also noting that 1) the Ombud Council levy has increased because of amendments to the calculation of other levies; and that 2) there will be no increase in the Office for the Ombud for Financial Services Providers levy.

National Treasury has gazetted proposed amendments to Schedules 2, 3, 4 and 5 of the Financial Sector & Deposit Insurance Levies Act, 2022. This is noting that the Act in its entirety has been in force since 1 April 2024, in keeping with a ministerial proclamation gazetted in March 2023.

The deadline for input is 19 July 2024.

The Act provides for:

• the imposition of levies and the allocation of amounts received to fund:
  • the Financial Sector Conduct Authority
  • the Tribunal
  • the Ombuds Council
  • the Office of the Pension Fund Adjudicator, and
  • the Office of the Ombud for Financial Services Providers, as well as for
• the administration of the deposit insurance levy fund, and
• a mechanism for granting levy exemptions.

No adjustment to the ombud levy is envisaged.

• proposed amendments 
• ministerial proclamation
• Act

Published by SA Legal Academy Policy Watch

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