Tougher implementation of transformation in the financial-services sector is on the cards if the recommendations of a draft report by Parliament’s finance and trade and industry committees are adopted. The draft report emerged from public hearings during which a lot of anger and frustration was expressed about the slow pace of transformation in the sector. It proposes that the targets in the Financial Sector Charter be made compulsory and possibly incorporated into regulations. The final conclusions will feed into the financial sector summit planned by the National Economic Development and Labour Council for 2018. Treasury deputy director-general Ismail Momoniat said at a joint meeting of the committees on Wednesday that the Treasury supported the recommendation for targets to be raised and be made compulsory through financial-sector law. The Treasury also agreed that sanctions should be applied for noncompliance in reporting and meeting targets. Steps should also be taken to reduce...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.