OHANNESBURG – Transformation in the financial sector is under the spotlight in Parliament.
The industry has received a tongue-lashing from MPs who say little has changed since the dawn of democracy.
Industry players made submissions in the second round of public hearings on Wednesday.
The Black Management Forum wants a judicial inquiry.
“At the top there are black people largely in support functions,” said Langa Manqele.
“So when you look inside the industry, when you look at business unity, there aren’t black people running profit centres.
“What is happening is window dressing.”
Nedbank was rated the best out of SA’s top four banks with regard to transformation.
The National Apex Cooperative of South Africa — an organisation representing cooperative banks — urged MPs to consider giving cooperative financial institutions a stronger mandate.
The committee will deliberate on the submissions when Parliament returns from a break in May.
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