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Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Financial Services  Charter

Code Series FS800: Measurement of the Access to Financial Services Element of Broad-Based Black Economic Empowerment

Statement 801: The Measurement of the Access to Financial Services Element of Broad-Based Black Economic Empowerment as it relates to members of the Banking Association of South Africa

3. The Definitions, Standards, Target Markets and Key Measurement Principles of Access to Financial Services

3.5 Consumer Education




The financial industry and especially the banks played a major role to improve the knowledge level of previously excluded sectors of the economy. This is evident in the limited effect of the financial crisis on the target group of LSM 1-5.




Consumer Education is the process of transferring knowledge and skills to consumers, future consumers and potential consumers for individual well-being and the public good.


Target market


The target market for consumer education will be individuals in the LSM 1-8 group with the major emphasis on the LSM 1 - 5 category. The LSM 6 - 8 group is included as they were the most affected by the financial crisis and proved to be the most vulnerable.




Products and services will be closely aligned with the standards, products and services developed and maintained by the FSB as designated owners of consumer education by the National Treasury. Until that alignment has been fully achieved, the current products and services will prevail with the standards as set out under measurements below being in force.




The Consumer Education standards as set out in the Guidance Notes to the Financial Sector Code will be reviewed such that it is widened to include primary education and basic education initiatives. In addition the following shall be adhered to:

That delivery is split between awareness and face to face initiatives at a ratio of 1:1.
Accreditation will not be a requirement provided the next condition is adhered to.
Full branding of printed material, in order to deter institutions from using service providers with little or no credibility or material of sub-standard level.




As reflected in the appended scorecard, measurement will be against an annual target of 0.25% for 2012, 0.3% for 2013 and 0.4% from 2014 of retail net profit after tax (NPAT).