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ECCB Moves Closer to Regulating Bank Fees Across Currency Union
The Eastern Caribbean Central Bank (ECCB) is taking a major step toward gaining the power to regulate fees imposed by commercial banks within the region.
A harmonised banking amendment bill—central to the effort—has now been passed in both Antigua and Barbuda and St Vincent and the Grenadines.
Governor Timothy Antoine confirmed that the next phase will involve setting up an Office of Financial Conduct and Inclusion. This new body will focus on strengthening consumer protection and ensuring fair practices in the banking sector.
Amendments to the Banking Act are also underway in other member states.
Once adopted, these changes would give the ECCB authority not only to approve or reject bank fees but also to handle consumer complaints regarding specific financial transactions.
Officials believe the reforms will promote greater transparency and accountability within the region’s financial system, helping to build public trust.
The ECCB continues to work closely with its member countries to implement the new measures, which are expected to bring long-term benefits for consumers across the Eastern Caribbean.
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I think this is a very bad idea. In what other private industry does the governing body has the authority to dictate how much the business charges for their service. The Eastern Caribbean Banker Association and the Caribbean Association of Banks needs to fight this with every dollar they have. It is complete opposite of a free market economy.
@An old school banker…. As “an old school banker,” it is your kind of thinking that got us into this kind of comess in the first place. You asked the question, “In what other private industry does the governing body has the authority to dictate how much the business charges for their service”?
My response to that is simply, in which other industry does the governing body have the authority to dictate where you must take your money? The banking industry is the only industry that benefits from the government making it unlawful for a person to be in possession their OWN money over a certain amount. In other words, the government COMPELS all citizens to put their money in a back, once it exceeds a certain amount and the banks benefit for that.
That is my, my friend, regulation of fees is justified. It keeps the banks from gouging the populace. So you keep your old school banking where it belongs: in the past!
The banks need to be regulated on fees as there are only 4 banks in Antigua and they have a complete monopoly on banking and ALL of them are digging out customer eyes with fees for everything under the sun. There is nothing that can be done at a local bank that does not have a fee attached to it. Banks traditionally make money from loan interest spread but today they are making more on fees than on interest. Ripoff fees. They need to be regulated as they are overdoing the fees.
This is a measurable, and justified regulation mechanism; which should have been implemented long ago to stop the banking sector for imposing unreasonable fees; for the privilege of rendering access to banking services. For far too long, the banking service have had an unfettered monopoly on the public; for whom there very existence is dependent on. This, when contrast with the pittance intrest paid on dividends for the use of depositor’s deposits: is indeed an un-sanctioned rip-off, akin to a fraud been perpetrated on the general public at large; without any compliance to statuary mandate from the sovereignty in which they have gained the privilege to operate, and do business. This must not be allowed to continue un-impinge in any of the sovereign states of the OECS, as the norm.
Well done ECCB. With rights come responsibility. Not because an entity can, they should, especially when the only justification is a wider profit margin. I am sure the oversight committee will be fair in its dealings. The public expects fees, but they must be fair and justified.
THANK YOU, JESUS, because some of these banks are extremely WICKED.
I do not presume to think the banks regulatory authority will reduce fees… If we’re lucky they might stay as they currently are.
Is there any input from EC governments to ECCB regarding fees,taxes, access?
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