Parliament’s standing committee on finance released its draft report on the transformation of the financial sector on Wednesday. Committee chairman Yunus Carrim has been at pains to point out that the report is still to be circulated to all participants in the hearings, who have two weeks to comment. In an environment in which there is much real dissatisfaction about lack of transformation in banks, among asset managers and so on, as well as much populist politicking over what should be done, the committee’s draft report is modest and cautious. It is modest in that it states upfront that as politicians assisted by parliamentary support staff, the committee’s members do not have the technical expertise and knowledge of participants in the sector. It recognises that a parliamentary committee is not the best forum to make complicated policy and that the nuts and bolts are better left to the Financial Sector Charter Council, on which all the stakeholders including the government are rep...

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