Hence, around two years ago, the GFXC surveyed market participants to assess what areas of the Code needed to be reviewed.2 The primary response of market participants was that the Code remained fit for purpose and changes should only be made as necessary. The strong guidance was that changes to the Code should be contained to a few areas.
I hope that the forthcoming amendments to the Financial Institutions Act, which will allow banks to undertake bancassurance in partnership with insurance companies and to offer Islamic financial products to their customers, together with the liberalization of the pensions industry, will help to stimulate the diversification of our financial sector.