by Linda Straker
- 2025 Banking (Amendment) Bill withdrawn without reason from Order Paper
- Telesford withdrew bill in accordance with Section 65 of House Standing Orders
- Bill seeks to amend the Banking Act, No. 20 of 2015
Phillip Telesford, Leader of Government Business in the House of Representatives, also called the Lower House of Parliament, withdrew the 2025 Banking (Amendment) Bill from the Order Paper of the Sitting without sharing with Members the reason. The legislation was seeking to enhance the regulatory framework of the banking sector.
He told the House that he was withdrawing the bill in accordance with Section 65 of the Standing Orders of the House. That section states, “The Member in charge of a bill standing on the Order Paper may, without notice, either before the commencement of public business or on the Orders of the Day or at any stage of the proceedings on the bill, make a motion for the withdrawal of the bill or any part of the bill.”
The bill is expected to be approved in all Parliaments of the Eastern Caribbean Currency Union (ECCU), because seeks to amend the Banking Act, No. 20 of 2015 (the principal act) to enhance the regulatory framework of the banking sector by incorporating banking and supervisory best practices; and to introduce a new area of market conduct supervision which supports consumer protection, promotes financial literacy, financial inclusion and market integrity for each member state.
Among the amendments are the insertion of new clauses and the establishment of Codes of Conduct for financial institutions by the Eastern Caribbean Central Bank (ECCB). It states that the ECCB may issue Codes of Conduct with respect to
- appropriate product design and delivery
- prevention of over-indebtedness
- transparency and disclosure, including promotional material and other advertising
- methodology for pricing
- retention period for information including complaints and records in digital form
- fair and respectful treatment of financial consumers
- financial consumer access and inclusion
- financial consumer education and awareness
- privacy of financial consumer data
- collection and use of personal information, including means of collection, purpose, and types of data that may be collected and retained
- procedures to enforce security interests
- complaint handling procedures
- treatment of incidents of suspected fraud, scams or misuse regarding customer assets, including refunds and restitution of other assets
- timely reconciliation or adjustment of financial consumer accounts; and
- collection and debt recovery practices
“A licensed financial institution that fails to comply with a Code of Conduct issued… is liable to an administrative penalty of ten thousand dollars,” said the amended law, which mandates that all codes of conduct shall be published in the gazette of each member territory. Codes of Conduct shall have the force of law.
It’s should be criminal for financial institutions to charge interest on mortgage fees. For example, mortgage fees should spread across the term of the loan.
Mortgage fees should not exceed more than 1% of the loan.
Financial institutions engages in loan sharking….. consumers are exploited…