Barbados Banks 'Largely Compliant' with New Market Conduct Guidelines, Accessibility Improvements Expected Within a Year

Commercial banks are “largely compliant” with new market conduct guidelines introduced in July, though some accessibility improvements could take up to a year to implement, the Central Bank of Barbados reported Wednesday.

Deputy Governor Alwyn Jordan told reporters the banks had successfully adopted two of the three main elements in the guidelines, which govern retail banking operations including fees, account management, and access for vulnerable groups.

“Largely, banks are compliant with the guidelines; and . . . I had an address last week Wednesday where I thanked the banks for their cooperation,” he said, though noting that “there are things that banks had already put in place prior to the guidelines, which were codified in the guidelines such as offering no-fee accounts”.

“There are things that are going to take time, and we are constantly in touch with the banks to make sure they are able to implement those so that, over time, there will be complete compliance,” Jordan added.

He said banks had complied with requirements such as no fees on electronic transactions, “keeping with the central bank’s mandate to foster an environment where you have more electronic commerce”.

Jordan acknowledged that improving accessibility for disabled customers will require more time.

“As you can imagine, in some cases it may take a few months, maybe up to a year to make their various branch locations compliant for disabled persons to have free access,” Jordan said during a press conference where Governor of the Central Bank Dr Kevin Greenidge reported on the economic performance of the country for the first nine months of the year.

The guidelines, which came into effect on July 12 and detail how banks should carry out several aspects of their operations – including implementing fees and charges, opening and closing accounts, handling complaints and ensuring that vulnerable groups have access to financial services – were developed collaboratively between the Central Bank and commercial banks.

The deputy governor clarified that while the guidelines relate to retail customers, banks can still charge fees to business customers because of existing contracts.