SACP STATEMENT ON MOOTED TWIN PEAK SYSTEM BY NATIONAL TREASURY
The SACP has noted with disdain the statement issued by Treasury on the 28th June 2013. The intention of the statement, at least according to its subject line, was to announce new appointments at the Financial Services Board and the office of the Pension Funds Adjudicator.
We note that somehow towards the end of the statement an unrelated topic around the implementation of the Twin Peak system of financial regulation and supervision are introduced. This commitment to forging ahead with the twin peak is surprising to us especially after the Parliamentary hearings called for further consultations around the issues at hand.
There seems to be dark forces at play to seek to undermine the National Credit Regulator and the achievements of the SACP-led campaign that saw some major victories for consumers. To argue that consumer issues could be dealt with just as part of marker conduct regulation by the FSB is actually to undermine the National Credit Act.
From its inception, the NCA has been opposed by the financial institutions that want to prey on vulnerable consumers and drown them in debts. Today, aided by their lackeys in Treasury and the Reserve Bank, they are undertaking extensive lobbying and research work to introduce the Twin Peak system with the FSB, its regulatory failures notwithstanding, being at the helm.
The SACP opposes this lust by the financial institutions to drive our economy to the brink. We urge our government and parliament not to be bullied by the profit motive of the greedy capitalists but act to protect citizens. The SACP will, working with its coalition partners in the Financial Sector Campaign Coalition, work to oppose the intention to swallow the NCR into the already struggling FSB.
Statement issued by the SACP, July 2 2013
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