Is the Financial Services Industry pulling wool over consumers' eyes?
The Financial Services industry is in a state of flux. The Financial Services Laws General Amendment Bill (FSLGAB) was tabled in parliament on 25 September 2012. The aim of the Bill is to ensure that 'South Africa has a sounder and better regulated financial services industry' (see the Memorandum on the Objects of the Bill).
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Financial Services Laws General Amendment Bill tabled in Parliament
According to the South African Government News Agency (SANews) the Financial Services Laws General Amendment Bill was tabled in Parliament last week.
In short, 'the Bill, which was released for public comment in March, addresses urgent issues in eleven financial sector laws, including legislative gaps that were highlighted after the 2008 financial crisis and to align these laws with the new Companies Act, 2008, and other legislation.'
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MTN compliance notice set aside by National Consumer Tribunal
The NCT has set aside the compliance notice which was issued by the National Consumer Commission against MTN in August last year. The reason for its decision goes along the same lines as the Vodacom decision which was made earlier this year. That is, that the NCC failed to 'consult' with ICASA as it is required to do in terms of s 100(2). In this case the Commission also failed to give reasons for its denial of the allegation that it did not have 'reasonable grounds' on which to believe that MTN is engaging in prohibited conduct.
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Interesting articles on Protection of Personal Information Bill
PoPi's approval in the National Assembly on the 11th of September 2012 brought with it a deluge of interesting articles. Here are some of them:
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Protection of Personal Information Bill passed by the National Assembly
The Protection of Personal Information Bill was passed by the National Assembly on 11 September 2012. The Bill will must now be approved by the NCOP at which point only the President's signature is required to make it law.
See this excellent article by Webber Wentzel's Dario Milo and Greg Palmer in the Business Day.
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The National Consumer Commission is being investigated by the Public Protector and the DTI
According to the Business Day the NCC is being investigated for allegations of irregular procurement and irregular recruitment. According to AG's report '[t]he commission entered into a five-year lease agreement for its offices, with a 10% annual escalation, which cst R3.7 million in the year to the end of March).'
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The Justice Committee has approved the Protection of Personal Information Bill
The Protection of Personal Information Bill has been approved by the Justice Committee. It will now go to a the National Assembly for what is known as a 'second reading debate'. Once approved the Bill will be tabled before the National Council of Provinces.
[Added on 7 September 2012: It looks like the 'second reading' may take place as early as 11 September 2012.]
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Justice Committee will vote on PoPI on 5 September
I received a copy of the 9th draft of PoPI this morning. Apparently the justice committee will cast their final vote tomorrow (5 September 2012). There have been changes to the Bill (some fundamental some not).
I expect to have more news by the end of the week.
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For how long will Ebrahim Mohammed be acting commissioner?
I came across this article in the Citizen about Mr Mohammed's appointment. The bottom line is that Sidwell Medupe (the DTI spokesman) said that 'Mohammed will act with full powers granted to post until such time as the ''processes'' involved in securing a permanent candidate to full post has been completed' and that they are not sure how long the short-listing and interview process will take.
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Ebrahim Mohamed is the new 'acting' consumer commissioner
The Department of Trade and Industry has announced this morning that Ebrahim Mohamed will have the task of righting the ship at the National Consumer Commission. Mr Mohamed has been appointed as the acting national consumer commissioner. Whether he will be able to turn things around remains to be seen, but it seems that we have seen the back of Mohlala-Mulaudzi and the personality clashes which seemed to dominate her stint has commissioner.
Mr Mohamed was the deputy national commissioner. I assume that this appointment is temporary.
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