Announcement of special agency to protect bank customers welcomed by MSME Alliance
President of the MSME Alliance, Donovan Wignall, is welcoming the Government’s announcement that a special agency is to be set up this financial year to protect consumers in their dealings with financial institutions.
It was announced yesterday that the government will be establishing a dedicated financial services consumer protection agency and has requested technical assistance from the United States.
Speaking on Real Business on Power 106 FM last evening, Wignall said he is hoping that the small business sector will be able to play a part in the set up of the agency.
For years, consumers have complained about fees charged by banks.
Finance Minister Audley Shaw told the House of Representatives yesterday that banks made approximately $29 billion from service charges, transaction fees and commissions last year, almost 17 per cent more than what was collected in 2015.
A code of conduct to guide the operations of banks came into operation last August and banks have until August this year to fully comply.