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After two months in the works, the draft of Jamaica's voluntary code of conduct for the banking sector has been finished, government information agency JIS reported.
The government expects banks to adopt the final version of the code once completed, according to the report.
The code's development is part of the IDB-funded project "promotion of consumer protection in the Caribbean," which involves Jamaica, Barbados and Trinidad and Tobago. Jamaica would be the first Caribbean Community (Caricom) nation to have its banking sector guided by this policy if the project is adopted by the local banking association.
The draft was prepared by the Consumer Affairs Commission and the National Consumer League, as it was designed to set standards for good consumer practices and foster greater transparency, as BNamericas reported previously.
The regional project coordinator for the Consumers International association, Candice Ramessar, said the code was not an attempt to coerce the banking sector, but rather to encourage it to adopt practices and principles that are in the best interest of both banks and clients.
The draft code contains 11 commitments, including non-discriminatory access, credit information, variation in fees and charges, and service standards.
The draft will be available for consideration by stakeholders in Jamaica's banking sector, which may result in additional clauses being added, JIS said.