What's changed in FAIS, FSCA and COFI compliance

The single biggest move in the last eighteen months is procedural rather than substantive: the Conduct of Financial Institutions Bill was formally introduced in the National Assembly in April 2026, after years of drafts, but the full text was still not public by September 2026 and it is not yet law. On levies, National Treasury re-gazetted the FSCA's annual schedule for both 2025 and 2026/27, with the special levy that applied in prior years falling away for 2025.

Reviewed by TefCo Compliance Research — last verified 15 September 2026.

In short

The COFI Bill was formally introduced in the National Assembly on 17 April 2026, via Government Gazette 54520.
As at September 2026, the full Bill text had not been publicly released and COFI is not yet law.
Commencement, if enacted, is expected to be phased over roughly three years from a future date.
The special levy component that applied for two prior years fell away for the 2025 levy year, alongside a 4.4% increase on FSCA-related components.

COFI: introduced, not yet law

On 17 April 2026, the Minister of Finance gave notice under Rule 276(1)(b) and (c) of the National Assembly Rules of the introduction of the Conduct of Financial Institutions Bill, 2026, publishing an explanatory summary in Government Gazette 54520. Cabinet had approved the Bill's readiness for parliamentary introduction earlier in the year, following consultation stretching back to initial drafts in December 2018 and September 2020.

This is a procedural step, not enactment. As of September 2026, the full Bill text had still not been made public — National Treasury said it remained with the Office of the Chief State Law Adviser for certification before publication. It still needs Finance Portfolio Committee review, public hearings, approval by both the National Assembly and the National Council of Provinces, presidential signature and a commencement date, expected to be phased over roughly three years once it does commence.

Nothing in the April 2026 explanatory summary is final. FSPs should keep working from the current FAIS Act and Fit and Proper Requirements, and treat COFI planning as a gap-analysis exercise against the direction of travel, not a fixed set of new obligations.

What COFI is expected to bring, once in force

The published explanatory summary describes a consolidated conduct framework across licensed financial institutions, replacing the FAIS Act's FSP-specific approach. It covers compliance arrangements, appointment and debarment of representatives, business principles, governance obligations for governing bodies, transformation plans linked to B-BBEE commitments, fit and proper requirements for key persons, retail customer protections, advertising and disclosure principles, and financial soundness requirements.

None of this displaces the current FAIS Act licensing and CPD regime until COFI actually commences — and commencement is likely to be staggered by sector rather than a single go-live date.

Levy schedule changes

For the 2025 levy year, National Treasury gazetted final amendments to Schedules 2, 3 and 5 of the Financial Sector and Deposit Insurance Levies Act 11 of 2022 on 28 November 2025, confirming a 4.4% increase on the prior year's levies — lower than the 5% initially proposed. The special levy of 7.5% of the financial sector levy, which had applied for the previous two years, fell away for 2025.

For the 2026/27 levy year, Treasury gazetted final amounts on 14 August 2026 (Government Notice 7820, Government Gazette 55198), substituting Schedule 2 with amounts unchanged from what was proposed in June 2026.

Frequently asked

Is COFI now law?

No. As at September 2026 it had only been formally introduced in the National Assembly. It still needs committee review, public hearings, passage through both houses of Parliament and presidential signature before it commences.

Should FSPs start complying with COFI now?

Not as a legal obligation — the FAIS Act still governs. It is reasonable to run a gap analysis against the published explanatory summary so the transition is not a surprise, but the current FAIS Act, Fit and Proper Requirements and levy rules remain the operative law.

Did the special FSCA levy come back for 2026?

Confirm the current year's schedule directly against the FSCA's invoice or the relevant Government Gazette — the special levy fell away for 2025, and this guide does not assume its status for later years without a gazetted source.

Sources

TefCo Corporate Compliance (Pty) Ltd is a compliance management platform, not a legal, tax or advisory firm. This guide is general information, not advice. Fees, dates and thresholds change — confirm current figures with the regulator before you rely on them.