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Consumer Affairs commission hopes banking code will gain traction

Published:Wednesday | January 15, 2014 | 1:10 PM

KINGSTON, Jamaica:

The Consumer Affairs commission is hoping its efforts to get local financial institutions to sign on to a banking code will gain traction with the examination by a parliamentary committee of current banking fees.




In an interim report tabled in Parliament yesterday, the Bank of Jamaica said fee income, excluding those for loan processing, now accounts for the larger percentage of total revenue for commercial banks.



It said there had been a 30.8 per cent increase in the fee income of commercial banks since 2010.



This banking code stipulates, among other things, that institutions tell customers what interest rates they are charging.



Communication Specialist at the Consumer Affairs commission, Dorothy Campbell, says most Jamaicans are not financially literate and banks should make the effort to provide them with as much information as possible.



Campbell says the CAC is hoping that the matter of a banking code will now be seen as a priority with the examination of the BOJ report by the Economy and Production Committee.



Committee Chairman Karl Samuda says the discussions on the report will begin on January 28, and persons, including those from the private and banking sector, will be invited to participate.



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