Tue | Sep 26, 2017

MP, bankers agree on five-point plan in banking fees talks

Published:Monday | January 30, 2017 | 1:00 PM
The St Catherine Southern Member of Parliament, Fitz jackson, met with a team from the JBA, led by president Nigel Holness, at Gordon House this morning.

The parliamentarian pushing for tighter regulation of banking fees and the Jamaica Bankers' Association (JBA) have agreed on a five-point plan to influence discussions on how to protect depositors while limiting government influence.

The St Catherine Southern Member of Parliament, Fitz jackson, met with a team from the JBA, led by president Nigel Holness, at Gordon House this morning.

Holness did not reveal much about the plan but said the discussion was fruitful.

 

President of the Jamaica Banker's Association, Nigel Holness

The JBA is to make a formal submission of its concerns in two weeks' time.

Meanwhile, MP Jackson said whatever the outcome of the discussions, he's committed to ensuring there are changes that will benefit depositors.

 

Opposition MP Fitz Jackson

Jackson has tabled a bill in the Parliament to amend the Banking Services Act to introduce a minimum service package that deposit-taking instructions would have to offer.

The proposed changes include institutions allowing each customer a minimum of 120 free transactions annually.

However, the bankers' association and the Private Sector Organisation of Jamaica have expressed concern about the changes coming from Parliament, which they feel could send the wrong signal to potential investors and interfere in the market.