(Jamaica Observer) KINGSTON, Jamaica — The government is to introduce a new financial services consumer protection agency to protect commercial bank customers from exorbitant bank fees.
Minister of Finance and the Public Service, Audley Shaw told the House of Representatives yesterday afternoon that that the banks currently hold $45 billion in dormant accounts, which are subject to regular bank charges.
Shaw said that the government is concerned particularly about the charges dormant accounts.
The issue was raised in parliament recently, after Member of Parliament for Southern St Catherine, Fitz Jackson, in a Private Member’s Bill sought government regulation of the fees and charges.
Shaw said that in the meantime the government will depend on the banks responding to the current Bank of Jamaica Code of Conduct.
