FINANCIAL SECTOR LEVIES: DRAFT AMENDMENTS OUT FOR COMMENT

FINANCIAL SECTOR LEVIES: DRAFT AMENDMENTS OUT FOR COMMENT

• 08 June 2026
• Financial Sector
• SA Legal Academy

Please note: on 12 June 2026, National Treasury gazetted a notice announcing that there will be no increase in levies payable to the Financial Service Tribunal or the Office of the Ombud for Financial Services Providers, which will therefore remain as reflected in the Financial Sector & Deposit Insurance Levies Act’s schedules concerned. The notice refers to Schedules C and E - possibly in error, since according to SAFLII's updated Act, levies payable to the tribunal and obmud are reflected in Schedules 3 and 4. 

National Treasury has gazetted proposed amendments to certain elements of the 2022 Financial Sector & Deposit Insurance Levies Act’s Schedules 2 and 5 – calling for input by 8 July 2026. This is noting that:

• Schedule 2 prescribes levies for entities supervised by the Financial Sector Conduct Authority, while
• Schedule 5 prescribes levies for entities supervised by statutory ombud schemes.

Proposed amendments to Schedule 2 have implications for reinsurers.

Proposed amendments to Schedule 5 affect:

• pension funds, and
• financial services providers.

According to the notice concerned, levies payable to the Ombud Council will be adjusted automatically, informed by the changes to Schedule 2 once finalised.

• draft amendments
• Act, updated (SAFLII)

Published by SA Legal Academy Policy Watch

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