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Johannesburg - South Africa's bank charges are too high and banks should implement reforms, a report by the Competition Commission, based on a inquiry into the country's bank charges, has found.
The commission's full technical report, released on Friday, supported the banking enquiry panel's findings into bank charges, said the commission in a statement.
The inquiry panel, set up two years ago, found that bank charges were too expensive and recommended that South Africa's banks implement reforms.
"The full report will enable stakeholders to understand in greater detail the analysis and conclusions drawn by the panel, and formulate preliminary responses to them."
The commission said the report did not necessarily reflect its views.
During the course of the enquiry, participants submitted sensitive information which proved invaluable to the panel.
"Stakeholders have claimed confidentiality over some of this information; these sections have consequently been blackened out of the report.
"It is the view of the Competition Commission that the affected sections do not materially harm the report's legibility or the reader's comprehension."
The commission said many of the inquiry's recommendations might require a coordinated response.
It said it would meet with the trade and industry department, national treasury and the Reserve Bank early in 2009 to facilitate government's response to the inquiry's report.
"Where possible, the commission seeks a consensual, collaborative approach to the review of the inquiry's recommendations."
The Competition Commission appreciated that industry participants would take the lead in implementing certain reforms, and were encouraged to do so voluntarily.
"The Competition Commission will advocate the implementation of reforms that promote competition and empower consumers.
"The minister of trade and industry, Mandisi Mpahlwa, has expressed his support for any initiative designed to foster competition and protect consumers," read the statement.
- Sapa