The Central Bank of Trinidad and Tobago is reaffirming its commitment to consumer protection, amid growing public concern over new fees introduced by Republic Bank Limited, which took effect on May 1st.
The Central Bank says it is actively engaging Republic Bank on the issue, as frustrations continue to mount among customers.
Governor Larry Howai acknowledged the public’s concerns, noting that while the Bank’s regulatory role is defined by law, it remains committed to advocating for a financial system that works in the interest of citizens.
The Central Bank explains that its authority to regulate fees is limited to those tied to loans and credit facilities, and does not extend to general service charges such as ATM or in-branch transaction fees. However, it says oversight of those charges is guided by its market conduct rules, which require transparency and fair treatment of customers.
The Bank adds that it is currently reviewing banking fees and practices across six commercial banks, with a report and recommendations expected to be shared with the industry soon.
It is also encouraging customers to explore basic banking accounts, which offer lower-cost options, particularly for low-income individuals and small businesses.
Meanwhile, the Central Bank says it is looking to expand the role of the Office of the Financial Services Ombudsman and strengthen financial literacy programmes, as part of its wider push to protect consumers and improve access to fair banking services.