The reforms will open up the market to more players, particularly the historically disadvantaged
Four commercial banks have made renewed commitments to the Competition Commission to reform their conveyancing practices, which means it will be easier for clients to find lawyers if they want to take the banks to court.
The commission conducted advocacy engagements in February 2018 after a complaint was filed in which the complainant alleged that he had approached several law firms for assistance to take legal action against Standard Bank, but that all the law firms refused to take on his case because they were part of the bank’s panel of attorneys.In a statement on Friday the commission said it has established that the restrictive practices extended to other big banks.
“This implies that law firms who are on the banking panels of the aforesaid banks will no longer be bound by the SLAs when deciding to represent clients in respect of matters that are not related to conveyancing work,” the commission said.
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