Standard Bank rapped for failing to provide data for fee comparisons
Standard Bank was rapped yesterday by Thabani Jali, chairman of the panel appointed by the Competition Commission to conduct the banking inquiry, for not providing yesterdays public hearing with useful information.
According to Business Report, Jali said Standard Bank had failed to provide cost and revenue information on a per transaction basis, as requested by the panel, unlike most of its competitors. You have given us very little information on issues such as penalty fees that would enable us to determine whether this is a problem area or not, although your competitors have provided the necessary information. Jali asked how best Standard Bank could provide information to the panel that would enable it to make an informal finding. Panel member Rob Petersen added that because Standard Bank had provided only cost and revenue data at an aggregated level, it was difficult to make sensible comparison between the banks. Peter Schlebush, the deputy CE of Standard Banks Personal and Business Banking, said there had been a misunderstanding with the panels technical team about the questionnaire it had sent to the bank. Full report in Business Report