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The latest FNB discrimination revelations are a confirmation that our government is captive to the narrow interests of the rentier financial capitalists
The recent media revelations that FNB is discriminating against black people by overcharging them are not surprising because this bank has been doing this for a very long time. What is more surprising is the fact that the regulators have done very little to deal with this problem that has existed for more than fifteen years.
In 2012, Noseweek magazine exposed FNB, which had taken over 80 000 clients from Saambou, when it collapsed in 2002 for continuing to do what Saambou had done by overcharging them. It was discovered also at that time that these clients were mainly black.
It is a travesty that FSB, Competition Tribunal and the South African Reserve Bank have done nothing to hold FNB accountable and have continued to allow this bank to act with impunity.
This is why COSATU has been calling for a State Bank and also a Workers Bank. The fact that the Reserve Bank and National Treasury are bitterly opposed to the creation of a state financial institution confirmed our assertion that the Reserve Bank itself is only notionally independent as it is captive to the narrow interests of the rentier financial capitalists.
We support the calls for a Commission of Inquiry to look into the behaviour of these banks. We also call on the law enforcement agencies to investigate these allegations and criminally prosecute the responsible managers, who are implicated in this FNB crime.
Issued by COSATU
Sizwe Pamla (Cosatu National Spokesperson)
Tel: 011 339 4911
Fax: 011 339 5080
Cell: 060 975 6794