South African trust companies and boards of executors and the 1942 Bank Act: From self‐regulating ‘financial aristocrats’ to statutorily controlled deposit‐receiving institutions

Abstract

From the inception of the first trust companies and boards of executors in the first half of the 19th century, these institutions have played a prominent role in the local communities in which they functioned. Despite this local prominence, the wider community and the monetary authorities were mostly unaware of the wide array of services they provided and the growing extent of the total funds under their administration. Recognition of their contribution as an important role player - a 'pillar' - in the South African financial services sector was therefore a slow process which gained momentum only in the 1930s.