With a reputation of being incapable of managing the technical constraints of its internal systems, it must be questioned why the South African Social Security Agency and the South African Post Office would make Postbank the preferred partner to take over the administration of social grant payments.
The FSCA acts as the oversight body for the financial sector, whose conduct has far-reaching consequences for ordinary citizens. Therefore, the independence and transparency of the FSCA is a particularly crucial safeguard of its ability to act in the public interest. Notably, the FSCA is the first regulator of its kind in South Africa, with a specific mandate to scrutinise the market conduct of actors in the financial sector, and ensure that customers are treated fairly. Given its importance, it is crucial that the public be sufficiently represented and involved in the process to appoint its commissioners.
We have asked the court to interdict the shortlisting, interviewing and selection of candidates – as directed by Minister of Finance Tito Mboweni – until public participation has been provided for to allow members of the public as well the media to have full access to these processes. We believe this is essential to protect the Constitutional imperatives of openness, transparency and accountability and the right of the public to participate in these processes