The existing market conduct provisions in the financial services sector laws will be significantly affected by a comprehensive piece of market conduct legislation, which should be published for public comment soon. Some of the existing financial services sector laws will be repealed, others stand to be amended by overarching principles and hopefully some will be consolidated in order to clarify market conduct provisions.
- Analysis and mapping of the COFI bill to existing compliance and regulatory frameworks of the organisation to understand the impact on different areas of the business. This allows the organisation to understand where the COFI bill simply repeals and replaces existing regulations but has no to little impact on business, and where completely new regulations are being introduced that require assessment to understand the further impact on business.
- Conducting business impact analyses activities across the organisation to provide pertinent information on the background to the Twin Peaks regulatory regime and the COFI Bill, as well as the key elements thereof.
- Analyse the input obtained and prepare a formal response to be provided to the Regulator.
- Develop a messaging programme to roll out the communication of the key principles of the COFI Bill (which are unlikely to change despite public comment) and the potential impact to the organisation and the organisations employees. This will commence the awareness process to ensure that key messages regarding the COFI Bill are already incorporated into ways of work to positively influence the impact on customers.
Deloitte will conduct numerous initiatives to make sure its clients are equipped with the correct tools and knowledge to understand and comply.
Contact our Subject Matter Experts to assist you with this journey.