Financial Sector & Deposit Insurance Levies Act: Schedule 1 Table A Amended

Posted 13 February 2026 Written by Acts Online
Category Financial Sector

Brought to you by SA Legal Academy: National Treasury has published a substitute Table A for Schedule 1 to the Financial Sector & Deposit Insurance Levies Act, No. 11 of 2022, amending the original levy structure for supervised entities.

In terms of the Financial Sector & Deposit Insurance Levies Act, No. 11 of 2022, the Minister of Finance has gazetted a revised Table A for Schedule 1. This schedule specifically governs the levies payable by financial institutions that fall under the supervision of the Prudential Authority. The Act, which has been operational since 1 April 2023, provides the framework for funding the Prudential Authority, the Financial Sector Conduct Authority, and other relevant bodies.

The substituted Table A applies to the following supervised entities:

  • Banks and branches of foreign banks;
  • Mutual banks and co-operative banks;
  • Insurers and reinsurers (both life and non-life);
  • Market infrastructures, including exchanges and central securities depositories; and
  • Co-operative financial institutions.

The amendment ensures that the levy amounts and formulas used to calculate the financial sector levy for these specific categories are updated to reflect current regulatory requirements and funding needs. Entities must apply the revised rates and base amounts specified in the new table when calculating their levy liabilities for the relevant assessment period.

What this means for you, your business, or your clients

  • For yourself: No direct individual liability; ensure that any professional advice provided to regulated entities reflects the updated levy tables to ensure accurate compliance reporting.
  • For your business: Update internal financial and compliance systems to incorporate the revised levy rates in Table A of Schedule 1 to ensure accurate budgeting and timely payment of Prudential Authority levies.
  • For your clients: Advise clients supervised by the Prudential Authority to review the substituted Table A immediately to determine their specific levy obligations and ensure they are not using outdated figures from the original 2022 Act.

Originally published at https://legalacademy.co.za/news/read/financial-sector-deposit-insurance-levies-act-schedule-1-amended

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