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
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it, directing it instead to remedy its breaches of the law if it wants to avoid having its licence suspended or withdrawn...
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