Mevrou die Voorsitter, Adjunkminister en agb lede, die Raad op Finansile Dienste is 'n onafhanklike statutre instelling wat ingevolge die Wet op die Raad op Finansile Dienste van 1990 gestig is om toesig te hou oor die Suid-Afrikaanse finansile dienstebedryf buite die banksektor. Die raad, wat verantwoordbaar is aan die Minister van Finansies, is reeds die afgelope nege jaar in werking, en het in di tyd plaaslik en internasionaal respek verdien vir die rol wat hy in die gladde, doeltreffende en mededingende finansile dienstebedryf speel.
Sedert 1990 het dit egter nodig geword om sekere wysigings aan die wet aan te bring. Die voorgestelde wysigings is tegnies en nie van besondere gewigtige aard nie, en is hoofsaaklik gerig op die opheldering van sekere van die hoofwet se aspekte wat daagliks in die raad se werksaamhede ter sprake kom.
As voorbeeld kan genoem word dat die woorde ``toesig'' en ``toesig hou'' op verskeie plekke in die wet gebruik word, en aangesien daar in die gemenereg 'n bepaalde betekenis aan di woorde geheg word, sou dit vertolk kon word as sou die raad die uitvoerende beampte se werksaamhede beheer en al sy beslissings moet goedkeur.
In hierdie wysigingswetsontwerp word die woorde ``toesig'' en ``om toesig te hou'' omskryf om te verwys na betekenisvolle beslissings wat die raad moet goedkeur, na beslissings wat die uitvoerende beampte moet neem binne die riglyne wat deur die raad gestel word en na minder betekenisvolle beslissings wat die uitvoerende beampte self kan neem.
Nog 'n belangrike wysiging wat ingevoer word, is 'n nuwe funksie, naamlik die bevordering van finansile instellings se programme en inisiatiewe wat op die opvoeding van verbruikers gerig is. Hierdie ontwikkeling, wat in die toekoms 'n ho voorkeur in die raad se werksaamhede sal geniet, word wyd verwelkom.
Die wysiging waarvolgens die President se funksie by die keuring en aanstelling van die lede van die raad na die Minister van Finansies verskuif word, is reeds vroer deur die Nuwe NP bevraagteken, alhoewel dit slegs semanties is aangesien effektiewe beheer oor die aanstellings reeds vir alle praktiese doeleindes in die hande van die Minister van Finansies is.
Dit is egter 'n saak van beginsel aangesien vele kundige persone wat met groot vrug in die raad sou kon dien, deur hierdie wysiging daarvan weerhou sal word om hulle vir hierdie diens beskikbaar te stel aangesien hulle maatskappye se aktes van oprigting politieke betrokkenheid verbied, en 'n aanstelling deur 'n Minister as politieke betrokkenheid beskou kan word.
Die President daarenteen is die staatshoof, en aanstellings deur hom geniet ho status en kan kwalik deur enigeen geweier word. Dit sal trouens met groot eer aanvaar word. (Translation of Afrikaans paragraphs follows.)
[Dr E A CONROY: Madam Chairperson, Deputy Minister and hon members, the Financial Services Board is an independent, statutory institution which was established in terms of the Financial Services Board Act of 1990 to supervise the South African financial services industry outside the banking sector. The board, who is accountable to the Minister of Finance, has been operational for the past nine years, and has in this time earned local and international respect for the role it plays in the smooth, efficient and competitive financial services industry.
However, since 1990 it has become necessary to effect certain amendments to the Act. The proposed amendments are technical and not particularly significant, and are primarily aimed at the clarification of certain aspects of the principal Act which are at issue daily in the deliberations of the board.
An example would be the words ``supervision'' and ``supervise'' which are used in several places in the Act, and since these words have a specific meaning in common law, they could be interpreted as meaning that the board controls the functions of the executive officer and must approve all his decisions.
In this amending Bill the words ``supervision'' and ``supervise'' are defined as referring to significant decisions that the board must approve, decisions that the executive officer has to make in accordance with the guidelines set by the board and less significant decisions which the executive officer may make on his own.
Another important amendment which has been introduced is a new function, namely the promotion of financial institutions' programmes and initiatives aimed at the education of consumers. This development, which will enjoy a high priority in the future functions of the board, is widely welcomed.
The amendment according to which the function of the President concerning the selection and appointment of the members of the board is shifted to the Minister of Finance, has already been questioned by the New NP, although it is a question of semantics, because efficient control of the appointments already rests, to all intents and purposes, in the hands of the Minister of Finance.
However, it is a matter of principle, because many experts who could have been a great asset to this board, will be prevented by this amendment from making themselves available for this service, because their companies' memorandums of association forbid involvement in politics, and an appointment by a Minister could be considered to be involvement in politics. On the other hand, the President is the head of state, and appointments by him enjoy high status and can hardly be refused by anyone. As a matter of fact, it will be accepted with honour.]
Furthermore, the number of members of the executive is being expanded, a process of consultation with the industry before levies for the funding of the financial services industry are proclaimed is being introduced, a new clause is being inserted to streamline the procedures for continual consultation with the Minister, the FSB secrecy provision is slightly extended to enable it to exchange information with other local regulators and self-regulatory bodies and the limitation of the FSB's liability incurred in the execution of its functions is being redefined to make it clear that gross negligence will not be excused.
The Bill has no organisational, human resources or financial implications for the state and is, despite the reservations mentioned earlier in respect of the appointment of board members, supported by the New NP.