BMF growls over "useless" Financial Sector Charter

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Cape Town - The Financial Sector Charter that stipulates good practice and black economic empowerment requirements for the industry “are useless” and must be amended to meet or exceed the minimum requirements set by the BBBEE generic codes, said the Black Management Forum (BMF) on Wednesday.

The BMF was one of a number of stakeholders making submissions to Parliament during public hearings on transformation in the financial services sector.

BMF deputy president Dumisani Mpafa made a number of recommendations to Parliament, suggesting it should work closer with the Department of Trade and Industry to outlaw the once empowered, always empowered principle be explicitly outlawed in the amended Broad-based Black Economic Empowerment Act.

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