As an example, based on the 2017 Amended Financial Services Sector Code, each entity conducting business in the South African financial sector is required to report annually to the Financial Sector Transformation Council (FSTC) on its progress made in implementing the provisions of this Amended Sector Code.
Failure to submit this annual report, results in the entity being deemed Non-compliant and impacts the outcome of their upcoming or future B-BBEE Verification as their overall B-BBEE Level will automatically be discounted with one level i.e.:
- A level 1 will be discounted to a level 2 and
- A level 8 will be discounted to Non-compliant status.
For any questions or queries, don’t hesitate – contact your regional LabourNet office today!
