South Africa is set to adopt a raft of legislative changes over the next three to five years to modernize the regulatory framework for financial institutions and bring it into line with international norms.

The country has been slow to implement new rules and regulations and has fallen out of step with its peers, undermining its attractiveness as an investment destination, according to Astrid Ludin, deputy commissioner at the Financial Sector Conduct Authority. The National Treasury is finalizing a Conduct of Financial Institutions Bill to present parliament that seeks to streamline the licensing of financial institutions and enhance disclosure requirements to provide greater visibility into their business practices, she said.