By: Nkhensani Chauke
THE Standing Committee on Finance has spurned an apology from the National Treasury’s Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) that they cannot make a session on the embattled Ithala Bank.
The bank is facing numerous challenges that have led to the suspension of its Financial Services Provider licence.
The committee had scheduled a two-day oversight visit in Durban starting on Tuesday. The FSCA apologised on Monday for not being able to attend.
Committee media officer Malatswa Molepo said they regarded the matter as urgent in light of the continued viability of the bank and the possible negative consequences on the bank’s depositors if the challenges were not dealt with.
“The letter forwarded to the committee is unacceptable and has the potential of undermining the important oversight work of the committee. Furthermore, the reasons provided are inadequate and should have been raised in the
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