Code of Banking Practice

Image of a zebra
Image of a zebra

The Code of Banking Practice (“the Code”) regulates various banks’ relationships with their clients. To paraphrase the Code, it is a voluntary code that sets out the minimum standards for service and conduct you can expect from your bank with regard to the services and products it offers, and how we would like to relate to you. The Code only applies to personal and small business customers.

The Code’s objectives are to -

  • promote good banking practices by setting minimum standards for your bank when dealing with you;
  • increase transparency so that you can have a better understanding of what you can reasonably expect of the products and services;
  • promote a fair and open relationship between you and your bank; and
  • foster confidence in the banking system.

A version of the Code went into effect on 1 January 2012 and you can obtain a copy for yourself by clicking on this link or by visiting the Banking Association of South Africa’s website at

In addition, Investec has submitted itself to the Ombudsman for Banking Service’s (“the Ombudsman”) jurisdiction in respect of various related matters. To quote the Code further: We accept the jurisdiction of the Ombudsman for Banking Services to mediate, to make binding determinations based on this Code and on the law where appropriate, and to make recommendations in other circumstances including those based on equity. A determination made by the Ombudsman for Banking Services may be made an order of the court. If we refuse to abide by a recommendation of the Ombudsman for Banking Services, the Ombudsman may publish the recommendation and the relevant bank’s refusal to comply.


You can find out more about the Ombudsman on its website at

  • National Credit Act

    The National Credit Act, which came into effect on 1 June 2007, governs the granting and management of credit by all credit providers, including micro lenders, banks and retailers.

    The Act was introduced to reduce reckless credit behaviour (by credit providers and consumers) and over-indebtedness in South Africa. It applies to all categories of credit agreements entered into between Investec Private Bank and affected parties, at arm’s length.  Juristic persons (companies, close corporations and certain trusts) are largely excluded from the ambit of the Act.

    We are registered with the National Credit Regulator as follows:

    • Investec Bank Limited (registration number 1969/004763/06) – NCRCP9; and
    • Investec Securities Limited (registration number 1972/008905/06) – NCRCP262.

    There are certain requirements that we, as credit providers, need to meet.  This includes:

    • Greater disclosure on the cost of credit;

Prohibition of unlawful terms, conditions or clauses;

    • Prohibition of negative option marketing;
    • Responsibility not to lend recklessly. 

    In terms of the Act, there is much greater focus on the affordability assessment in respect of the proposed loan, as there are serious sanctions in the event of reckless lending.  It is therefore critical that you fully disclose your financial obligations and income (the onus is on the client to give full disclosure).

  • Enforcement of the Act

    The National Credit Regulator and the National Consumer Tribunal have been established to ensure effective enforcement of the Act. The Ombudsman for Banking Services and debt counsellors are also available to assist you with complaints regarding dealings with credit providers or to help should you feel that you are in danger of becoming over-indebted.

  • Your best interests are our priority

    As we continue to offer you more exciting and innovative financial options,  our  responsibility to maintain principles of best advice and business practice increases.

    As a highly respected international business, it is our responsibility to ensure that we operate within the Act.  Our professionals are fully trained on the requirements of the Act and will guide you if you have any questions on how the Act may affect you.

    For further information, please contact your private banker or click on one of the links below.


  • The Financial Advisory and Intermediary Services Act

    The Financial Advisory and Intermediary Services Act, also known as “FAIS”, aims to regulate financial service providers (“FSP’s”) by protecting you against improper conduct by FSPs. FAIS makes provision for FSP's to be licensed and authorised through the Financial Services Board. A number of Investec companies and business units are registered FSP’s with the Financial Services Board:

    • Investec Asset Management (Proprietary) Limited (FSP No. 587);
    • Investec Investment Management Services (Proprietary) Limited (FSP No. 632);
    • Investec Bank Limited: Investec Capital Markets (FSP No. 11750);
    • Investec Wealth & Investment (a division of Investec Securities Limited) (FSP No. 15886).

    For further information, please contact your advisor or visit the Financial Sector Conduct Authority's website at

  • Financial Intelligence Centre Act No. 38 of 2001, as amended from time to time (“FICA”)

    Investec, like many other South African financial institutions, is a registered Accountable Institution in terms of FICA and is required to comply with FICA’s control obligations that seek to combat money laundering and terrorist financing activities.


    Investec is prohibited from establishing a business relationship or conducting a single transaction with anonymous clients or clients acting under a false or fictitious name. Investec is further required to understand who ultimately owns and / or controls entity clients. It is therefore mandatory for Investec to identify and verify the identity of its prospective and existing clients, relevant related party/ies, and ultimate beneficial owner/s (i.e. individuals that ultimately own and/or control entity clients). Investec must maintain, as far as possible, the correctness of client, related party, and ultimate beneficial owner information to ensure that it always knows its clients.


    The means Investec is obliged in terms of FICA to request information and documentation from:


    • prospective clients, at onboarding, before entering the business relationship or conducting a single transaction to ensure Investec knows who it is dealing with; and
    • existing clients that hold a business relationship with Investec, during the business relationship to ensure that the information and documentation held by Investec of the client remains complete and up to date. 


    In addition, Investec is expected to monitor the transactions made by its clients for suspicious activity and report any suspicion to the relevant authorities.


    If you have any queries regarding FICA requirements, please contact the Group Financial Crime Compliance team on