Headlines:
| Consumer awareness project on financial institutions coming |
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| Monday, 02 November 2009 | |
 A major project is to be
launched on November 24, aimed at heightening consumer awareness on fees
charged by banks and other financial institutions. It will, among other things, address concerns raised by customers. The funds for $50 million project will come from the Inter-American Development Bank and Consumer International. Dolsie Allen, Chief Executive Officer of the Consumer Affairs Commission (CAC) says one of the critical issues that will be addressed by the project is the operations of financial institutions and how they impact on consumers. It will also look at the practice of charging hidden fees. Mrs. Allen says under the project, the CAC will review some bank contracts, protocols regarding interest rates and other areas of concern to the public. The CAC head says she hopes that following the project a code will be developed under which banks will operate. |