Treasury deputy director general, Ismail Momoniat, says the report on new regulations of the financial sector is currently before Parliament.
Momoniat says the National Treasury Department will make sure they regulate the financial sector in a much tougher way.
This comes after a report that the African National Congress believes Treasury has too much power, and can defy even the Presidency.
Mineral Resources Minister Mosebenzi Zwane has also made a suggestion that Fica rules should be re-evaluated.
Momoniat says they will also follow international standards when developing new regulations.
We are going to regulate the financial sector in a much tougher way.— Ismail Momoniat, National Treasury deputy director general
Listen to the full interview below...