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Remain compliant, learn from clean-up exercise – SEC to credit unions
Director-General of the Securities and Exchange Commission (SEC), Daniel Ogbarmey Tetteh, has admonished credit unions to remain compliant and pick-up lessons from the financial sector clean-up exercise.
According to him, this would enable credit unions operating in the country to avoid falling prey to a reoccurrence of the clean-up exercise that affected various financial institutions.
Speaking at the biennial conference of the Ghana Co-operative Credit Unions Association (CUA), the Director-General of SEC explained, “a regulated activity means compliance with standard, rules, and procedures. I want to suggest that you must be big on compliance as it is germane to the success of financial institutions.
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The Director-General of the Securities and Exchange Commission (SEC), Reverend Daniel Ogbarmey Tetteh, has urged credit unions in the country to learn from the recent financial sector clean-up.
That, he pointed out, was necessary to avoid falling victim like some of the affected institutions and to improve on Ghana’s systems and capacity to deliver a world-class financial sector.
“A regulated activity means compliance with standard, rules and procedures. I want to suggest that you must be big on compliance as it is germane to the success of financial institutions.
“Ethical behaviour must take the front seat in the financial industry, and it is important to help people to become compliant by defining clearly, the standards of ethical behaviours, as well as introducing a regime of sanctions against unethical behaviour,” he said.