Banks want tweaks, not repeal, to CCCFA and CoFi
Accounting firm KPMG's latest survey of 27 banks reporting between Oc t 1, 2022 and Sept 30, 2023 found that they are uncertain about what the government will do to the Credit Contracts and Consumer Finance Act (CCCFA) and the Conduct of Financial Markets (Conduct of Institutions) Amendment Act (CoFi).
“The main concern is that most banks have either implemented or are well down the path to implementing the required processes and there will be potential costs involved if the existing legislation were to be scrapped,” KPMG said.
“The banking sector's preference was for the government to focus on improving efficiency and removing bureaucratic hurdles within existing legislation to provide a more conducive environment for banking operations while retaining aspects of the current legislation,” it said.
“All of the survey participants acknowledged that the concept of the current legislation was appropriate. Additionally, the banks have emphasised the importance of improving efficiency by providing more guidance and reducing red tape to get businesses moving.”
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