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Cape Town - Regulating the banking sector in South Africa is a “difficult balancing act”, said Finance Minister Pravin Gordan in parliament on Wednesday.
He was responding to questions from MPs posed to ministers in the economic cluster of government.
“On the one hand we need to ensure there’s stability in the banking sector and there aren’t risks in the financial system,” Gordhan said.
“But then the banking sector can also run away with itself with poor customer service, market conduct that is questionable, and high banking charges,” he added.
Precisely for this reason, parliament is considering the so-called Twin Peaks legislation to consider implementing stronger market conduct principles that will ensure South Africa would be in a better place to ensure a well-run financial services sector.
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