COSATU Submission on the Transformation of Financial Sector

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Presentation transcript:

COSATU Submission on the Transformation of Financial Sector

Introductory Remarks Welcome interventions; Key areas of support; and Further areas requiring intervention.

Financial Sector Regulation Bill: Areas of Support Learn lessons from the 2008 economic recession; Learn lessons from the African Bank episode; Develop early warning mechanisms; Expand the oversight role of the Reserve Bank;

Continued Promote greater transparency, accountability and oversight; Providing for greater coordination and intervention mechanisms; Promoting greater consumer protection, rights and standards; Minimise opaque banking charges and abuses; and

Continued Strengthen crime prevention efforts; FICA Bill amendments.

Finance Sector: Areas Needing Intervention/ Transformation

Monopoly Capital Excessive concentration of capital; De-facto monopoly of banking, insurance and services sectors; Price charges and forex collusion; Foreign ownership of large banks; Lack of progress establishing state owned bank/ post bank and PIC; and Patriotic contributions of sector?

Lack of Transformation De-racialisation; Wage gap; Outsourcing; Casualisation; Township, informal areas and villages access; and Support for SMMEs.

Need to Save and Create Jobs Triple challenges and 35% unemployment; Sector job growth; Role of SARB; FNB and ABSA retrenchments; and Wage gap.

Nationalise SA Reserve Bank Oversight and intervention role: Monopoly; Transformation; Price and forex collusion; Exorbitant bank charges; Job creation and retrenchments; Interest rates; and Public ownership (nationalise).

Exorbitant bank charges and interest rates Pending Treasury bank charges bill; FSR Bill; Excessive bank charges; Anti-growth interest rates; and Below inflation investment rate returns versus retirement savings.

Further Intervention Areas: Support for lower income earners and SMMEs; Incentivise savings; Financial education and empowerment; Consumer assistance; Garnishee and debit order abuses; Magistrates and Debt Collectors’ Bills;

Continued: Auctioning of homes, SMMEs, farms and cars (abuses, oversight and appeals); Proposed debt relief bill; Role of the National Credit Regulator; Loan sharks; and Participation of organised labour and civil society; Nedlac Financial Sector Summit.

Conclusion & Thank you. Welcome engagement; Intervention areas to transform sector; Financial Sector Summit; and Thank you.