Thu | Sep 21, 2017

Consumer Affairs plans to lobby banks to implement code of conduct

Published:Friday | January 27, 2017 | 1:43 PM
Allen said the CAC has been lobbying for almost a decade to get the banks to give full disclosure of terms.

Chief Executive Officer of the Consumer Affairs Commission, Dolcie Allen, says the CAC will be reviving efforts to get local banks to implement a code of conduct to give customers greater control over their finances.

Speaking on Real Business on Power 106 FM this morning, Allen said the CAC has been lobbying for almost a decade to get the banks to give full disclosure of terms, conditions and fees before users complete transactions.

However, she says the CAC has been unsuccessful.

 

Chief Executive Officer of the CAC, Dolcie Allen

Allen says the code of conduct formulated by the Bank Of Jamaica is commendable.

However, she says it does not protect the interest of consumers.

 

Chief Executive Officer of the CAC, Dolcie Allen

The issue of user fees charged by banks was brought to the fore this week after member of Parliament Fitz Jackson brought a private members bill to Parliament that seeks to protect users from incurring exorbitant bank charges.