Tuesday, January 23, 2018

Consider regulating bank fees*

JSC to Finance Ministry, Central Bank:

Republic Bank Ltd’s headquarters in Port of Spain.


THE Joint Select Committee (JSC) of Parliament is suggesting that T&T follow Jamaica and ensure that the fees that banks impose on their customers receive regulatory oversight.
In its report released last week,the JSC on Finance and Legal Affairs’ Inquiry into Commercial Banking Fees in Trinidad and Tobago said: “The Ministry of Finance, in consultation with the Central Bank of Trinidad and Tobago (CBTT), should examine the existing legislation governing commercial banks and other financial institutions with a view (to) providing legislative oversight of fees —applicability and quantum— to commercial banking services.”
The JSC said called on the Ministry of Finance, in consultation with the CBTT, to examine the provisions of section 10 (d) of the Financial Institutions Act (FIA), with the view of issuing rules/guidelines for the imposition of fees for commercial banking services.” The referenced section of the FIA states that the Central Bank may issue guidelines on any matter it considers necessary to regulate the market conduct of licensees.

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