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LONDIWE BUTHELEZI: How the Prudential Authority will make banking safer
The regulator’s Suzette Vogelsang outlines the steps it is taking to ensure SA banks regain their credibility
In 2013 the soundness of SA banks was ranked third in the world. Five years later it fell to number 62 out of 142 countries, the 2018 World Economic Forum Global Competitiveness Survey shows. Following recent collapses of African Bank and VBS, it is understandable why we’ve fallen so hard.
Is the Prudential Authority, which was established in 2018 to regulate and supervise banks and other financial institutions, going to return SA to its former glory? Business Day spoke to Suzette Vogelsang, head of banking, insurance, co-operative financial institutions and financial market institutions supervision during the launch of the regulator’s first annual report on Thursday.