Banking report delayed

Thabani Jali, chairman of the banking inquiry panel, said the release of the report into the Competition Commission inquiry whether bank charges and access to the national payment system thwart effective competition for consumers will be delayed. He said this is due to its serious implications on the industry.

Thabani Jali, chairman of the banking inquiry panel, said the release of the report into the Competition Commission inquiry whether bank charges and access to the national payment system thwart effective competition for consumers will be delayed. He said this is due to its serious implications on the industry.

"The public process is now complete and we have made considerable progress writing our report," said Jali.

"The sheer volume of information received has enabled us to analyse the anti-competitive outcomes we have noted," he said.

According to Jali, the findings will have serious implications for the sector.

"We feel that it is prudent to take time to produce a thorough and well-considered report, rather than rush this final stage just to meet a self-imposed deadline."

Submissions coming from relevant government departments that require similarly thoughtful attention was also another reason for the delay, said Jali.

The inquiry probed, among others, the level and structure of charges made by banks and other providers of payment services, including:

l The relation between the costs of providing retail banking and/or payment services and the charges for such services;

l The process by which charges are set;

l The level and scope of existing and potential competition in this regard.

- Isaac Moledi

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