South Africans who have little money often feel vulnerable to scams in which scammers clean out their bank accounts. But wake up and smell the COFI, an expert says, as more consumer protection is on the way in 2026.
The Conduct of Financial Institutions COFI Bill will redefine professionalism in South African financial advice and advisers who adapt early will lead the field, says Johan Minnie, CEO at Consult by Momentum.
South Africas financial advice sector is entering a decisive new era. The COFI Bill will redefine what quality advice means and how it must be proven to be of good quality . Instead of showing that documents were completed correctly, advisers will have to demonstrate how clients were supported, what they understood and whether the guidance made a meaningful difference.
