Financial regulator cracks whip on state-owned Ithala Bank
Quest for permanent banking licence in question after firm fails to attend to issues of concern raised by FSCA
13 November 2023 - 05:00
State-owned Ithala Bank has fallen foul of the regulators for failing to safeguard its clients’ insurance premiums, putting its decade-long quest to obtain a permanent banking licence in question.
The Durban-based bank is also under fire from the Financial Services Conduct Authority (FSCA) for failing to submit financial reports for two years. But the regulator stopped short of sanctioning it, directing it instead to remedy its breaches of the law if it wants to avoid having its licence suspended or withdrawn...
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.