A report on anti-competitive behaviour by South Africa’s four major banks will have ”serious implications” for the sector, says the Competition Commission.
”The sheer volume of information received has enabled us to analyse the anti-competitive outcomes we have noted. Our findings will have serious implications for the sector,” the head of the inquiry, Thabani Jali, said in a statement issued on Thursday.
The release of the report will be delayed as the commission is taking time to make sure it is ”thorough and well-considered”.
Submissions being received from relevant government departments require ”similarly thoughtful attention”.
Public hearings on banking fees last year covered ATM charges, interchange and payment cards, access and inter-operability, and market power and pricing.
The commission initiated the inquiry in response to ”growing public and governmental disquiet” that was sparked by an earlier report entitled The National Payment System and Competition in the Banking Sector. — Sapa