The banking industry has raised the stakes in its battle to fend off the demand to raise the direct black ownership target in the financial sector charter (FSC) from 10% to 15% by calling for political intervention. The banking industry has raised the stakes in its battle to fend off the demand to raise the direct black ownership target in the financial sector charter (FSC) from 10% to 15% by calling for political intervention. "We are convinced that a political decision is urgently needed to gazette the charter without further delay," says Cas Coovadia, CEO of the Banking Association SA (Basa). The association has been locked in a two-year dispute with labour and community representatives in the financial sector charter council over the direct black ownership target. Basa claims that increasing the target will compromise the health of the country's banking sector. Basa's call for political intervention brings to an end the haggling within the FSC council. The matter now rests ...
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