Standard Bank rapped for failing to provide data for fee comparisons

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 Bank’s Personal and Business Banking, said there had been a misunderstanding with the panel’s technical team about the questionnaire it had sent to the bank. Full report in Business Report