The government and other relevant institutions need to focus on reducing the monopoly in the banking and insurance sectors by encouraging new entrants, Parliament’s finance and trade and industry committees have recommended in their report on financial sector transformation. The report, which is to be tabled in Parliament on Tuesday, is based on extensive public hearings held over the past year. Submissions were received from a wide range of stakeholders including government departments, regulatory and other statutory agencies, industry bodies, business, labour, civil society, political organisations and individuals. The committees’ overall view was that the financial sector had transformed since 1994 but that more needed to be done. Their report noted the "huge frustration and anger" among financially marginalised constituencies at what they saw as the failures of the financial sector and the slow pace of its transformation. The inadequate performance of the Financial Sector Charte...

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