The South African Reserve Bank (SARB) has published for public comment a discussion paper titled ‘Corporation for Deposit Insurance: Approach to deposit insurance public awareness and communication’.

The central bank said the paper recommends proposals on how the Corporation for Deposit Insurance (CODI) intends fulfilling the responsibility given to it, in terms of the Financial Sector Laws Amendment Act 23 of 2021 (FSLAA), to promote awareness of the protection it will offer to financial customers.

“The paper focuses on how CODI will collaborate with other financial sector participants, including banks, in informing depositors of the benefits and limitations of the protection it offers.

“The paper also discusses the role of member banks in deposit insurance public awareness, and takes into account country-specific characteristics and applicable international standards,” said the SARB.

Comments should be addressed to:

The Interim Chief Executive Officer

Corporation for Deposit Insurance

South African Reserve Bank

P O Box 427

Pretoria

0001 

Email: CODI@resbank.co.za 

The SARB urged the public to provide details of organisations they make input on behalf of organisations or indicate if comments have been made personal capacity.

“Comments received may be published, unless otherwise requested,” said the SARB.

The closing date for comments is 24 June 2022. 

Source: South African Government News Agency