Watchdog wins bank fee case

Consumer rights got a major boost with a recent Supreme Court of Appeal decision, the National Credit Regulator said yesterday. The court ruled in favour of the regulator in a case against Standard Bank, for overcharging on administration fees on home loans granted under the Usury Act, before it was replaced by the National Credit Act. It stipulated lenders could not charge a fee of more than R5, excluding value-added tax, for administration. – Sapa