Financial Sector Levies Act: Draft Amendments to Schedules 2 and 5 Published for Comment

Posted 08 June 2026 Written by Acts Online
Category Financial Sector

Brought to you by SA Legal Academy: National Treasury has published proposed amendments to certain elements of the Schedules to the Financial Sector and Deposit Insurance Levies Act, No. 11 of 2022, for public comment.

In terms of the Financial Sector and Deposit Insurance Levies Act, No. 11 of 2022, National Treasury has gazetted draft amendments targeting specific levy structures. Interested parties and stakeholders have until 8 July 2026 to submit written comments on the proposed changes.

The draft amendments introduce key updates to the existing levy framework, including:

  • Proposed amendments to Schedule 2, which carry direct financial and compliance implications for reinsurers operating within the South African financial sector.
  • Consequential adjustments to the levies payable to the Ombud Council, which will be updated automatically to align with the finalised changes to Schedule 2.
  • Amendments to Schedule 5 of the Act, which govern the deposit insurance levy framework.

What this means for you, your business, or your clients

  • For yourself: No direct individual compliance obligations; professional development requires understanding the updated levy structures to advise corporate clients accurately.
  • For your business: Financial services firms and practices must review the draft schedules to assess potential increases in regulatory levy overheads and prepare operational budgets accordingly.
  • For your clients: Reinsurers and financial institutions subject to the Ombud Council levy must evaluate the draft amendments to calculate their projected levy liabilities and submit comments by the 8 July 2026 deadline if necessary.

Originally published at https://legalacademy.co.za/news/read/financial-sector-levies-draft-amendments-out-for-comment

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