CALLS FOR TRANSFORMATION
What to expect from the hearings on financial services
Chairman Yunus Carrim acknowledges progress since 1994, but calls for ‘more effective transformation consistent with the country’s needs"
The first day of the public hearings into the "untransformed" financial services sector kicks off in Parliament on Tuesday amid heightened calls for radical economic transformation and the creation of a state bank to facilitate a process that critics believe has stalled. The hearings of the finance and trade and industry committees will air much of the opposition to the dominance of the banking sector by four major banks, which expressed itself in the fight against the Financial Intelligence Centre Amendment Bill. Critics of the financial services sector such as the Black Business Council (BBC) point to the lack of black ownership and the difficulty black entrepreneurs experience in obtaining loans. For their part, the banks and other financial service companies such as asset managers, life assurers and short-term insurers will be intent on highlighting the progress they have made in achieving transformation. Transformation of the sector is vital for broader economic transformation....