Parliamentarians from different parties yesterday ripped into the country’s banks, questioning their conduct, preferential treatment, lack of transformation, high fees, and arbitrary decisions on closing accounts without reason.
The South African Reserve Bank (SARB), 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 trade, industry and competition portfolio committee to engage the finance sector on issues of transformation, and related 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…