Dominica's Parliament has enacted the Banking (Amendment) Bill on September 22, introducing fresh regulatory tools to shield bank customers and streamline complaint resolution throughout the Eastern Caribbean Currency Union.
The legislation adds market conduct supervision to the Banking Act, empowering the Eastern Caribbean Central Bank (ECCB) to monitor how banks interact with customers while maintaining its traditional role overseeing banking operations.
Banks will now face obligations to conduct themselves toward customers with equity, honesty and fairness, and to set up internal systems for addressing grievances that align with the ECCB Code of Conduct. The Bill also prevents banks from functioning as shell operations and permits them to offer currency exchange services once the ECCB approves.
A new Office for Financial Market Conduct and Financial Inclusion will be established within the ECCB to verify that banks meet consumer protection standards and participate in financial education efforts.
Finance Minister Dr. Irving McIntyre told lawmakers the reforms aim to defend consumers from exploitative conduct and broaden their access to remedies. He stated: "It is our hope that the coming into force of this Bill will cause a significant improvement in the quality and timeliness of the service delivery at our commercial banks and have the rippling effect of contributing to improving the ease of doing business in Dominica."
The ECCB Monetary Council had endorsed the proposed amendments before Parliament took them up for debate.
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