ASISA point person : Rosemary Lightbody

The work under this structure focuses on the National Treasury policy document entitled “A Safer financial sector to serve South Africa better” (the “Red Book”), and all further policy papers, technical discussion papers and other developments that flow from it.


  • Red Book Standing Committee
  • Product Costs Review Working Group
  • Red Book RIDDAs Working Group

The National Treasury papers that have been commented on by ASISA through the Red Book Initiative are:

  1. A general overarching Discussion Paper: "Strengthening Retirement Savings" issued on 14 May 2012
  2. "Enabling a better Income in Retirement" issued on 21 Sept 2012
  3. "Preservation, Portability & Governance for Retirement Funds" issued on 21 Sept 2012
  4. "Improving Tax Incentives for Retirement Savings" issued on 4 October 2012
  5. "Incentivizing non-retirement Savings" (which looks at tax-incentivization only) issued on 4 October 2012
  6. “Charges in South African Retirement Funds” issued on 11 July 2013.
  7. “ 2014 Budget update on Retirement Reforms” issued on 14 March 2014
  8. “Non-retirement savings: Tax-free savings accounts” issued on 14 March 2014

In addition, the Financial Regulatory Reform Steering Committee (comprising SARB, Treasury, FSB) issued a discussion paper: "Implementing a Twin Peaks Model of Financial Regulation in South Africa" on 1 February 2013, and the Financial Sector Regulation Bill, which introduces the Twin Peaks model into legislation, was published on 11 December 2013.