File: Trade and Industry Minister Rob Davies said the amended financial services sector code had resulted in increased spending by spent by the financial sector on empowerment financing. Photo: Sapa

JOHANNESBURG – The amended financial services sector code published in the government gazette on Friday is now a legally binding document on all players in the financial sector.

Trade and Industry Minister Rob Davies said the code made provision for no less than R122bn to be spent by the financial sector on empowerment financing.

However‚ the minister said the newly gazetted code would have to be reviewed again to take into account the recommendations of the report on the transformation of the financial sector. The report was compiled by Parliament’s finance and trade and industry committees following their public hearings on the issue.

There were also other considerations…