cosatu welcomes inquiry
30 June 2008
COSATU has welcomed the Competition Commission's banking inquiry panel's recommendations for the banking sector. They had long been at the forefront of the campaign to reform the banking sector and was pleased that the panel had addressed the issue, spokesperson Patrick Craven said.
"Cosatu has decided to focus broadly on the wide range of costs and charges associated with the accessing the financial services. We are pleased to see the competition commission's panel taking up these very issues," he said.
The domination of the banking sector by the big four banks had created a "captive consumer market in which it is difficult to switch to or search for another bank". Craven said Cosatu applauded the recommendation that consumers should have greater access to the services of different banks and that this access should be explained in a standardised, transparent form.
"Cosatu also welcomes the proposal for a standard charge for the use of any bank's ATM."
He said Cosatu had urged the competition commission to accept and enforce the recommendations.