A disconcerting trend noted by the committee was that it appeared easier for individuals to secure credit for consumption rather than for production—an observation that has raised alarms regarding equitable economic development.
Representatives from the Banking Association of South Africa and leading financial institutions, including ABSA , Capitec , FNB , Investec , Nedbank , and Standard Bank , have confirmed their attendance.
“The meeting would be a fact-finding mission informed by observations made by the two committees following their meeting with the National Credit Regulator, National Treasury, and the Competition Commission late last year,” Masina said. “As Parliament, we have a constitutional duty to conduct oversight over the implementation of legislation in the interest of consumer protection and facilitating transformation. Banks, as regulated entities, should be open and fair about their lending practices, in particular, the calculation of interest, confidentiality clauses and the fine print on credit agreements,” Masina said.
In addition to discussions with the banks, the committees are planning to invite the Financial Sector Conduct Authority to provide its insights on the current state of banking in South Africa.
Business Finance Gdp Trading Free Market Economy Stock Markets Banks Mzwandile Masina Credit Lending Practices Portfolio Committee On Trade Industry Standing Committee On Finance Parliament South African Financial Sector Conduct Authority Conduct Of Financial Institutions Standard Bank Competition Commission Banking Association Nedbank National Credit Regulator Investec Fnb National Treasury Capitec Protection Of Personal Information Act Popi Act Absa Financial Sector Charter Business Report Population
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