ABSIP believes that the Financial Sector Regulation has an important role to play in moving South Africa rapidly to a normal and equal society. ABSIP supports the intent of Financial Sector Regulation Bill of a stable and more inclusive financial sector to support increased economic growth in South Africa. At a macroeconomic level, a stable and well-developed financial sector supports real economic activity through the efficient channelling of savings into productive forms of investment, contributing to the country’s objectives on job creation and a more inclusive economy.
ABSIP’s driving force is inclusive, sustainable, transformative and above average economic growth. This is in line with the intent of this legislation (The FSR Bill) but should be spelt out more clearly. The FSR Bill should be reviewed to ensure congruency with this objective.
ABSIP believes that regulation should be sensitive to inclusive, sustainable, transformative and above average economic growth. It is important for policy makers to recognise the devastating impact of Apartheid on Black people which has set them back for decades relative to White people in South Africa. Regulation in general has become a barrier to entry for new entrants but more specifically Black business.
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