While competition was expected to foster the spirit of free enterprise and confer price and efficiency advantages upon the consumer, this does not seem to have been the case. Is it deliberate? And if so, who is responsible for this state of affairs?
A part of the blame has to be placed on the stiff entry barriers that characterise the banking sector and which, in turn, has curtailed true competition and free-play of market forces. This is partly due to the responsibility that regulators have towards the safety of depositors’ funds. This should not, however, take away the right of the customers to get a fair deal.