COFI Act Progress
Track the progress of the Conduct of Financial Institutions (COFI) Bill.
The COFI Bill is progressing through South Africa’s legislative process before it can become law. This page provides a simple overview of where the Bill currently stands, the key milestones reached so far, and what still needs to happen before implementation.
Current Status: Introduce to Parliament
The Conduct of Financial Institutions (COFI) Bill has been introduced to Parliament but has not yet been enacted. Before the COFI Bill comes into effect, it must complete the Parliamentary process, receive Presidential assent and have an official commencement date announced.
COFI Implementation Timeline
National Treasury outlines the Twin Peaks model for financial regulation, laying the policy foundation for stronger market conduct regulation in South Africa and the future COFI framework. Status: Complete
The Financial Sector Regulation Act establishes South Africa's Twin Peaks regulatory structure, including the Prudential Authority and the Financial Sector Conduct Authority. This creates the institutional foundation for the future implementation and supervision of COFI. Status: Complete
National Treasury publishes the first draft of the Conduct of Financial Institutions Bill for public comment. The draft introduces a consolidated market conduct framework focused on protecting financial customers, promoting fair treatment and strengthening confidence in the financial sector. Status: Complete
A revised COFI Bill is published following industry consultation and feedback on the first draft. The second draft further develops the proposed licensing framework, conduct requirements and approach to regulating financial institutions according to their activities. Status: Complete
Notice of the introduction of the Conduct of Financial Institutions Bill, 2026, is published following Cabinet approval. This marks the formal start of the Bill's journey through Parliament. The Bill has not yet been enacted and may still be amended during the legislative process. Status: Complete
The COFI Bill must progress through Parliament before it can become law. This process may include referral to the relevant parliamentary committee, detailed consideration of the Bill, public submissions, hearings, proposed amendments and debate by Parliament. Status: In progress
Once the parliamentary process has been completed, the Bill must be passed by Parliament and submitted to the President for assent. Once signed by the President, it will become the Conduct of Financial Institutions Act. However, this does not necessarily mean that every provision will take effect immediately. Status: Pending
The COFI Act will come into effect on a date, or dates, officially determined through the commencement process. Different provisions may be introduced in phases to give regulators and financial institutions time to prepare for the new framework. Status: Pending
Implementation is expected to include transitional arrangements, supporting regulations, FSCA Conduct Standards and guidance on the new licensing framework. Financial institutions may need to map their regulated activities, assess their licensing position and review their governance, conduct and operational arrangements. Status: Pending
Last updated: July 2026