Self-assessment
B-BBEE Financial Sector Code Self-Assessment
14 yes/no questions on the B-BBEE Financial Sector Code: whether it applies to you, your size category, proof of your level, the scorecard elements, and the requirements specific to the sector. You get a score for each area and a list of gaps with what to do about each one.
1. Does the sector code apply, and where do you fit?
The Amended Financial Sector Code was published on 1 December 2017 and took effect the same day, with no transitional period. It was gazetted under section 9(1) of the B-BBEE Act, binds government, organs of state and the private sector, and takes precedence over the Codes of Good Practice. A Financial Sector Charter Council oversees it.
1. Have you checked that your business falls inside the scope of the Financial Sector Code, and recorded the answer?
(B-BBEE Act s9, sector code scope)
2. Do you know your size category (exempted micro enterprise, qualifying small enterprise or generic enterprise) under this sector code?
Reports on EME and QSE thresholds for this code were not found. The generic figures (EME up to R10 million, QSE R10 to R50 million) may not apply to financial institutions, so check the gazetted code. (Sector code, size thresholds)
3. Do you hold the right proof of your level, either a verification certificate from an accredited agency or, where this sector code allows it, a sworn affidavit?
(Sector code, verification)
2. The scorecard elements
Answer Not applicable for any element your size category is not measured on.
1. Do you know the black ownership of your business and can you prove it from your share register and agreements?
(Sector code, Ownership)
2. Do you track black people and black women at board, executive and management levels against the sector code's targets?
(Sector code, Management Control)
3. Do you spend on skills development for black people, and keep proof of the spend and the training?
(Sector code, Skills Development)
4. Do you buy from, and develop, black-owned and small suppliers, and track the spend and the support you give?
(Sector code, Enterprise and Supplier Development)
5. Do you make socio-economic contributions that benefit black people and keep proof?
(Sector code, Socio-Economic Development)
3. Financial sector requirements
These are the items the sources describe for this sector. Check the gazetted code for the full list of elements and targets.
1. Do you provide accessible financial services to black people, as the code's commitments and targets for access to financial services require?
(Financial Sector Code (access to financial services))
2. Do you invest in targeted empowerment financing (for example for black-owned and small businesses, agriculture and affordable housing) as the code requires?
(Financial Sector Code (empowerment financing))
3. Do you run consumer financial education, as the code requires, and record the spend and reach?
(Financial Sector Code (consumer education))
4. Do you cooperate with the Financial Sector Charter Council on reviews, investigations, complaints and advisory opinions?
(Financial Sector Code, Council role)
5. Do you also meet the conduct and governance duties of your regulators, such as FAIS and FICA, and the Joint Standards if they apply?
(FAIS, FICA, Joint Standards)
4. Evidence and reporting
1. Do you keep one evidence file per element each year, so a verifier or the sector council can check your claims?
(Sector code, verification)
Sources
Turn these gaps into tracked tasks
Assign owners and due dates, keep the evidence, and show your progress to clients and auditors.