Further regulation of banks might be considered, after collusion claims
Parliament's finance committee might consider whether further regulation of banks is required once the Competition Tribunal has completed its work on the alleged collusion by major banks, finance committee chairperson Yunus Carrim said on Friday. The committee would "consider the issue in a structured way", Carrim said. Collusion by banking institutions was also likely to arise in the committee’s public hearings on transformation of the financial services sector on March 14, he said. Carrim said the Competition Commission’s investigation into bank collusion had reinforced the need for more effective regulation of banks. The investigation also highlighted the concerns about SA’s four major banks controlling about 90% of the market, along with the need to create space for new entrants, not least Postbank. The committee welcomed the Competition Commission's long overdue investigation into possible bank collusion and its decision to refer the matter to the Competition Tribunal for prose...
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