Fiji's commercial banks have defended their high fees after coming strong criticism.
The finance minister, Ratu Jone Kubuabola, says regulating fees and charges would discourage investors and has advised customers to shop around.
The Labour Party leader, Mahendra Chaudhry, has ridiculed the suggestion, saying the few banks in Fiji operate as a cartel and there is little difference in their fee structure.
Government MPs voted against and defeated a Labour motion in parliament calling for the regulation of fees and charges levied by commercial banks and financial institutions.
In the latest statement, the banks say they are targets for consumers and politicians, and the community does not understand the economies of charging fees.
The banks also say they contribute about 10-million US dollars annually in company tax, which amounts to about 20 percent of all company taxes paid in Fiji.
Meanwhile, the business community is calling for a Banking Ombudsman in Fiji.
