Gold Membership
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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter VI: Public Awareness25. Type and contents of depositor protection information that must be provided by banks |
| (1) | A bank must make information about depositor protection readily available and visible to depositors. |
| (2) | When informing a depositor about depositor protection and in advertising materials, a bank must— |
| (a) | make true, correct, and complete representations with respect to— |
| (i) | what constitutes a qualifying depositor; |
| (ii) | whether a product qualifies for depositor protection; |
| (iii) | the limit of cover applicable to depositor protection as specified in these regulations; and |
| (iv) | its membership to the Corporation; and |
| (b) | only use standardised material approved by the Corporation. |
| (3) | A bank must state in the terms and conditions of a product whether the depositor and product qualifies for depositor protection. |
| (4) | A bank must ensure that its customer-facing staff undergo depositor protection training annually using the training or training material made available by the Corporation in accordance with regulation 24(c). |
