As we move towards the second half of 2026, there's a development we'd like to share some perspective on this month. South Africa's financial sector is approaching one of its most significant regulatory shifts in decades, and we wanted to use this space to share a high-level view of what it means and why we view it positively.

After eight years in development, the Conduct of Financial Institutions (Cofi) Bill is now moving through Parliament, and once enacted, it will reshape how financial institutions are licensed, regulated, and held accountable.

For those unfamiliar with the detail, Cofi replaces the current patchwork of industry-specific licences with a single, activity-based licensing regime overseen by the FSCA. In simple terms, regulation will increasingly focus on what an institution does, rather than what it is. The framework also brings together existing principles many in our industry already know well, Treating Customers Fairly and the Retail Distribution Review, into one consistent, outcomes-focused system.

At its heart, Cofi is about something we wholeheartedly support: better outcomes for clients, clearer information, stronger governance, and greater accountability across the sector. For an advice-led business like Warwick Wealth, this alignment between regulatory intent and our existing philosophy is encouraging.

There has, understandably, been some debate about what Cofi will mean in practice, particularly around fee structures and disclosure. We see this as a healthy conversation. Greater transparency around fees, and a clearer link between what clients pay and the value they receive, can only strengthen trust between advisers and the people they serve. Industry research continues to show that clients who work with advisers build meaningfully more wealth over time than those who don't, and Cofi's focus is on ensuring that value is visible and justified, not on diminishing the role advice plays.

It's also worth noting that Cofi will introduce a transition period, with a proportional approach to implementation. Smaller and mid-sized firms won't face the same immediate compliance burden as the country's largest institutions, and new entrants will be the first to operate fully under the new framework, while existing licence holders transition gradually.

At Warwick Wealth, we view this not as a hurdle, but as an opportunity. Many of the principles underpinning Cofi, fair treatment, transparent fees, evidence-based advice, and a genuine focus on client outcomes, already sit at the core of how we operate. As the regulations are finalised over the coming months, we will continue to monitor developments closely and ensure our processes remain ahead of the curve.

Change of this scale takes time, and there is still detail to be confirmed. But the direction of travel is a positive one, for clients, for advisers, and for the industry as a whole.

We thank you for your continued trust in Warwick Wealth, and we look forward to keeping you updated as these developments unfold.