The Financial Sector Charter Council has signed off on the final amended code for the financial services sector. However, the Broad-Based Black Economic Empowerment (B-BBEE) Commission is not satisfied with its lower targets and that it will not be a tool to achieve transformation. A draft amended financial-sector code was gazetted in March for a two-month period of public comment and the reworked version, which takes account of public comments, has been approved. Council CEO Isaac Ramputa said on Thursday there was not much difference between the gazetted draft and the final version and the council would be submitting the code to Finance Minister Pravin Gordhan. Ramputa disagreed with B-BBEE commissioner Zodwa Ntuli that transformation in the sector was low, saying progress had been made. The council will make a presentation to next week’s public hearings on transformation of the financial services sector, which have been organised by Parliament’s standing committee on finance. Lis...
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