A banking enquiry panel in South Africa found fault with aspects of the country's retail banking system and has made 28 recommendations for fairer bank charges and pricing structures, and to increase competition. Bankers agree with most of the suggestions but are frustrated at the drawn-out process of implementation. The panel issued its report two years ago, yet so far the authorities have not converted the recommendations into new laws. Banks are unable to plan ahead because of the uncertainty.
The panel was set up in 2006 by South Africa's Competition Commission and it issued its recommendations in June 2008. Since then the Competition Commission, the National Treasury and the South African Reserve Bank (SARB) have been considering how to implement them.
