Another delay to Bill to amend Banking Services Act

There has been another delay with the redrafted Bill to amend the Banking Services Act.

According to Member of  Parliament Fitz Jackson, he sent the draft back to the Chief Parliamentary Counsel last Friday.

"Regrettably the draft that I got back  did not incorporate all the adjustments that I wanted. It has been resubmitted and Im hoping that, by the end of this week,  I’ll get the redraft with the adjustments based on the consultations that I had with the various stakeholder groups,” Jackson told RJR News.

In May, Jackson, who has been on an intense campaign to roll back the fees, moved a motion that the Bill be withdrawn, to be reintroduced at a later date.

The Bill seeks to regulate how local commercial banks charge certain fees.    

Legal action                                  

Meanwhile, the MP has declared that he will refocus attention on taking legal action against the island's commercial banks.

“The truth be told, in summer many professionals go on a break, so not much was happening. Now that we are in the month of September we expect things to get re-engaged in a more fulsome way,” he explained.

Despite most of Jamaica's commercial banks suspending fees on dormant accounts, earlier this year, Jackson declared that he will proceed with plans for a class action lawsuit.

He said, while the banks have withdrawn the fees, they have not addressed the call to refund customers whose accounts became dormant.      


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