DStv Channel 403 Saturday, 15 February 2025

Rand manipulation | Call to overhaul banking regulation system

Call to overhaul banking regulation system
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    JOHANNESBURG - There are growing calls for financial regulatory bodies to better monitor financial institutions.

    It follows Standard Chartered admission that it manipulated the currency.

    READ: SA fines Standard Chartered for currency manipulation

    The bank has been fined R42-million for the misconduct.

    "Let's be frank, the banks in this country are powerful. They have a very good reputation to a degree and our technical skills are unbelievable," said whistleblower Kevin Wakeford.

     

    "But the problem is there is such a concentration number one and we need to disaggregate. Number two, we need to review the regulatory regime and we need to get our enforcement agencies to act."

     

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