The FIA, 2004 strengthened the regulatory framework of the financial sector by addressing a number of issues including the licensing of financial institutions, the ownership and control of financial institutions, as well as corporate governance, transparency and disclosure requirements for financial institutions.
The regulatory framework has tightened the prudential requirements for insider transactions, credit concentration and mandatory corrective actions to be taken by the Central Bank on distressed banks  BIS Review 31/2005  3  and other financial institutions. From this year, there will be no forebearance for recalcitrant or renegade financial institutions.