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Bankers' Association responds to claims by CAC

Published:Tuesday | May 28, 2013 | 5:50 PM

Jovan Johnson, Gleaner Writer



The Jamaica Bankers’ Association (JBA) has responded to claims that it has refused to sign on to a voluntary banking code being set up by the Consumer Affairs Commission (CAC).




The CAC is arguing that the JBA has not communicated with it since their last meeting in January over the code which is to formally establish minimum service standards.



READ: JBA’s failure to sign code of conduct frustrates consumer watchdog



However, in its response, the JBA says it has a draft code that is already being used by most banks operating in Jamaica.



It says that draft code addresses issues dealing with non-discrimination and access to banking services to consumers as well as dispute resolution procedures including standards for response times.



The association says it looks forward to further dialogue with the CAC.



The CAC’s chief executive officer, Dolsie Allen has argued that the code being proposed speaks to 11 points which include simplifying the process of opening accounts and publishing all fees for transactions, including at Automated Teller Machines (ATMs).



She said that at the last meeting the JBA had expressed concerns about the non-discriminatory access clause of the code and the requirement that service charges be noted on ATM monitors before a consumer can complete a transaction.



The voluntary code is the result of a project with the Inter-American Development Bank and involved Jamaica, Barbados and Trinidad and Tobago.



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