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SA’s financial sector is to come under intense political scrutiny in 2017 and must transform voluntarily or be transformed by the government, the chairman of Parliament’s finance committee, Yunus Carrim, warned on Wednesday. Carrim, who was chairing a marathon session in Parliament on the Financial Intelligence Centre (FIC) Amendment Act, which has been sent back to Parliament by President Jacob Zuma for further deliberation, said the committee would hold public hearings in March into the transformation of the sector. In an interview after the meeting Carrim said: "We are acutely aware of the need to transform the financial sector. We urge the banks to transform and if they don’t do so through engagements with government and Parliament, it will be done for them through popular action that will reduce their prospects of having an effective say." Carrim told the committee and represented parties – which included the Banking Association of SA – that "time is fast running out" and the i...

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