PARLIAMENTARIANS from various parties criticised the country’s banks, questioning their conduct, preferential treatment, lack of transformation, high fees, and arbitrary decisions to close accounts without justification.
The South African Reserve Bank (SARB), along with its Prudential Authority Institute, the Banking Association South Africa (BASA), Financial Sector Conduct Authority (FSCA), Standard Bank, FNB, Absa, Investec, Nedbank, and Capitec, attended the joint sitting of the standing committee on finance and the trade, industry, and competition portfolio committee to discuss transformation issues and other matters raised by consumers.
MK Party MP Sanele Mwali said they wanted to raise concerns that the giants in the financial sector ‘perpetuate unfairness and neo-apartheid systems of racist practices post-1994’.
“Why is it that the banks have not closed certain accounts for certain clients because they have taken…