The COFI Act

Anticipating Transformation: The Impending Impact of The COFI Act

Securitas™ Financial Group is actively preparing for the Conduct of Financial Institutions (COFI) Bill, a landmark piece of legislation that will redefine South Africa’s financial services industry. COFI aligns perfectly with our mission and values by championing fairness, transparency, and client-centrality, setting a new industry benchmark we are ready to embrace.

Strengthening Cybersecurity

Securitas™ Financial Group

Exploring COFI's Comprehensive Reach

The COFI Bill aims to comprehensively reform financial regulation, ensuring consumers receive equitable treatment and clear, appropriate advice. This initiative challenges the sector to evolve from a focus on compliance to a dedication to positive client outcomes, particularly within insurance and investments, by fostering a deeper understanding of what clients truly need.

Our approach

Preparing for COFI: Our Approach

Understanding the impending changes, Securitas™ Financial Group is thoughtfully considering necessary enhancements across our operations, financial planning, and cultural ethos:

Aligning with COFI’s standards while pushing beyond to improve our efficiency and client service is a priority. We’re exploring innovative technologies and optimising our workflows to meet and exceed these new requirements, with a particular focus on enhancing automation and risk management to serve our clients better.

The foundation of uninterrupted, exemplary client service lies in robust financial health. In light of COFI, we’re conducting a thorough review of our financial strategies to ensure they not only meet but exceed the forthcoming standards, identifying risk mitigation strategies to secure our future.

The essence of COFI—enhancing client outcomes—resonates with our longstanding commitment. As COFI becomes a reality, we’re dedicated to deepening our focus on making every client the focus of our business model, with extensive training for our team to underscore the importance of fairness, transparency, and the proper fit of products and services.

SECURITAS BLOG 2024 MARCH

Securitas™ Financial Group

Client Benefits Highlighted

The roll-out of COFI promises to significantly benefit clients, offering greater clarity in financial dealings, advice tailored to individual circumstances, and a selection of products designed with the consumer’s best interests in mind. It also prioritises expanding access to financial services, addressing the gap in the current market.

Our Commitment at Securitas™ Financial Group

Our alignment with COFI’s principles positions us to adapt to and lead within the anticipated regulatory framework seamlessly. This time of anticipation allows us to not only prepare for compliance but also to champion industry excellence. Through our engagement with the broader financial community, we’re committed to facing the challenges and seizing the opportunities COFI presents together.

Leave A Reply

Your email address will not be published.