Parliament hears banks not transparent with fees
South African banks have yet to be sufficiently transparent over the fees they charge customers.
This is what the Financial Sector Conduct Authority told Parliament on Tuesday.
The authority's Sindisiwe Makhubalo says they've also identified the need for banks to improve their complaints management practices and address cyber security issues that come with digitisation.
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She says their focus is on protecting consumers and improving trust in the banking sector.
"When we look at some of the fees that are charged by the banking sector, we do pick up a lot of inconsistencies. In some areas, the lack of transparency in getting the customer to understand what type of fees they charged. There is a lot of work that we are doing."
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