Mon | Jan 22, 2018

Jackson ready to listen to bankers, but won't change proposal

Published:Monday | January 30, 2017 | 9:52 AM

Member of Parliament for South St Catherine, Fitz Jackson says while he will be approaching today’s meeting with Jamaica’s bankers with an open mind, he’s not prepared to change the core of proposals he has made to protect consumers from exorbitant banking fees.

Jackson is set to meet with the Jamaica Bankers Association at 10 o’clock this morning in relation to concerns they have raised about the proposed amendments to the Banking Services Act.

If the changes to the Banking Services Act are implemented, banks would have a minimum service package under which each customer would be allowed a minimum of 120 free transactions annually.

However, the Private Sector Organisation of Jamaica (PSOJ) says the proposed amendment is a retrograde step adding that the minimum service package places the power to set fees in the hands of Parliament.

The PSOJ says this will remove competitive distinction from the market and make it less efficient as banks would no longer be allowed to set their own fees.

Jackson says he remains committed to ensuring consumers are protected.

However, he says he’s willing to listen to the concerns and tweak the bill where there are ambiguities.


Member of Parliament for South St. Catherine, Fitz Jackson.

Today’s meeting will take place at Gordon House in Kingston and is expected to be attended by the President of the Jamaica Bankers’ Association along with the heads of the major banks in Jamaica.