New Market Conduct Guideline Sets Rules for Banks and Finance Companies in Barbados
July 16, 2024
Commercial banks and finance companies in Barbados must adhere to a new mandatory guideline by the Central Bank, focusing on fee collection, account accessibility for low-risk customers, and improved services for vulnerable groups.
Commercial Banks and other finance companies must now comply with a new “mandatory” guideline which Central Bank of Barbados officials say will determine if and when the institutions are able to collect fees and charges from customers.
The deposit-taking institutions are also required to make it easier for “low-risk” customers to open accounts, and will have to make their physical locations and online facilities more accessible to vulnerable groups, including the disabled.
Customers will also be able to file complaints with the financial institutions and if dissatisfied with the outcome, can appeal to the Central Bank as regulator for resolution.
These are among the provisions of the new Market Conduct Guideline which Central Bank officials launched at the Courtney Blackman Grande Salle yesterday.
