ActionSA to Write to Prudential Authority About WesBank’s Alleged Overcharging of Black Clients

ActionSA will now write to the Prudential Authority, as the designated body responsible for supervising financial institutions, to request an investigation into allegations that WesBank engaged in discriminatory conduct by overcharging black clients.

The damning allegations were made by a former WesBank employee, who claimed that the institution charged higher interest rates to black clients when purchasing vehicles.

Principally, ActionSA believes that if proven true, the discriminatory and unethical conduct alleged demands accountability from the implicated institution, not only to provide restitution but also to protect South Africans from further conduct by institutions that undermines our constitutional provisions.

The Financial Sector Regulation Act, which delegates oversight responsibilities to the Prudential Authority, provides for the protection and promotion of rights in the financial sector as outlined in the Constitution. Therefore, WesBank’s alleged conduct falls within the jurisdiction of the Prudential Authority.

ActionSA is committed to ensuring that the allegations brought forward are fully ventilated, and where justice and accountability are required, that they are administered without bias.

ActionSA appreciates the ongoing engagement members of the public have with our work, and as a listening organisation, we commit to ensuring that we always act in the public interest.

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