Stricter transformation and BEE rules planned for South Africa’s banking and finance sector (BT)
The financial sector is a key contributor to the South African economy and is an important component in driving a transformation of the economy and ensuring greater inclusivity in economic activities, the regulator said. Since democracy, there has been some progress made toward both economic transformation in general and financial sector transformation specifically. However, it is well acknowledged that the extent to which the majority of South Africans participate meaningfully in the financial sector remains limited. Parliamentary hearings regarding transformation of the financial sector were held in the first half of 2017. Submissions from the public emphasised, amongst others, concerns with the heavy concentration of the sector, high barriers to entry for new or emerging entrants, and the need for much stronger support of black industrialists and small to medium enterprises (SMEs). Click here to read full article.
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