Closure of bank accounts under parliamentary scrutiny
Regulator suggests that customer fairness requirements might have to be strengthened
07 September 2022 - 16:35
More guidance needs to be given to the banking industry on the closure of bank accounts, and potential areas of improvement need to be identified, Financial Sector Conduct Authority (FSCA) deputy commissioner Farzana Badat said in parliament on Wednesday.
While the regulatory authorities cannot intervene in the contractual relationship that banks have with their clients, there are conduct standards that lay down legally enforceable guidelines that require banks to treat their customers fairly...
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