New rules to ensure transparency in banks

There are new rules to ensure customers have ease of access and transparency when conducting business with banks like opening and closing accounts. The mandatory Central Bank of Barbados' Market Conduct Guidance for Commercial Banks and Finance Companies which came into effect last Friday was officially launched today. They address five areas which also include customer complaints. Governor of the Central Bank Dr. Kevin Greenidge explains the toolkit speaks to the licensees under the Central Bank. He says consultations were conducted before a draft Bill was created, and those with disabilities were also included. A phased approach will be adopted on a case-by-case basis for those banking institutions that now have to implement aspects of the guidelines. Senior Director with responsibility for Bank Supervision Cheryl Greenidge urges customers to fully exhaust all avenues with respect to disputes. She says they should send as much detail to her department so that when they engage with the financial institution, they can do so from an informed position. However, she made it clear once legal action is taken, the Central Bank will not intervene. Customers are asked to visit the bank's website to get all relevant information. Subscribe to CBC News: cbcbarbados Connect with the CBC News Barbados Website: https://www.cbc.bb/ Facebook: https://www.facebook.com/CBCNews.bb/ Instagram: https://www.instagram.com/cbcnewsbarb... Twitter: https://twitter.com/CBCBARBADOS #CBCTV8 #CBCNewsNight #ThisIsWhoWeAre