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Transformation in financial sector under spotlight

The standing committee on finance and the trade and industry committee are hosting three days of public hearings on the issue.

Parliament ahead of the State of the Nation Address on 17 June 2014. Picture: EWN

CAPE TOWN - Transformation of the financial sector is under the spotlight in Parliament.

The standing committee on finance and the trade and industry committee are hosting three days of public hearings on the issue.

They’re hearing submissions from banks, pension funds and insurers, Department of Trade and Industry, the financial sector charter council and National Treasury.

Members of Parliament were told that levels in the financial transformation sector were still low but there’s no official data to spell out how bad the situation is.

The Department of Trade and Industry says they don’t have 'appropriate' data or information to measure transformation within the financial services sector.

However, Economic Freedom Fighters MP Floyd Shivambu was unimpressed and questioned why this was the case, given that the first summit on the Financial Charter took place 14 years ago.

The sector is under pressure on a number of fronts, including over ownership and control, as well as the ease of access and affordability for majority of South Africans.