FSCA tells banks reputational risk reason not enough to close accounts
Financial Sector Conduct Authority says the process must be fair and transparent
24 April 2024 - 05:00
Financial Sector Conduct Authority (FSCA) commissioner Unathi Kamlana has urged banks to reflect on whether the prevailing common law position relating to closure of customers’ accounts is fair to clients.
Kamlana told the Banking Association SA’s Banking on Ethics Conference that because the lack of a bank account severely limited an individual’s or a business’s ability to engage fully in the economy, more transparency was needed before closing client accounts...
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