Rand manipulation | Call to overhaul banking regulation system

JOHANNESBURG - There are growing calls for financial regulatory bodies to better monitor financial institutions.

It follows Standard Chartered admission that it manipulated the currency.

READ: SA fines Standard Chartered for currency manipulation

The bank has been fined R42-million for the misconduct.

"Let's be frank, the banks in this country are powerful. They have a very good reputation to a degree and our technical skills are unbelievable," said whistleblower Kevin Wakeford.

"But the problem is there is such a concentration number one and we need to disaggregate. Number two, we need to review the regulatory regime and we need to get our enforcement agencies to act."