Published On: Sun, Jan 19th, 2020

Bank Fees should be justified and approved by Parliament

Letter - St Maarten News - PeopleThe Sint Maarten Insurance Brokers Association is calling on the 15 newly elected members of parliament to go to work soonest and focus on some key issues relating to the financial sector.

Besides our own experiences, we have been hearing daily from our clients; both private and corporate about the predatory and sometimes even abusive conduct of some commercial banks.

While this sector is overregulated for all the right reasons, the poor interpretation and/or application of some treaties and regulations results in a significant slowing of the economy on many fronts.

The slowing productivity in commercial banks because of over regulation should no longer give them cause to unilaterally introduce new fees and raise existing fees on customers.

It should also be noted that most commercial banks are now conducting business verbally, leaving clients in a disadvantageous position when things go wrong and cannot show proof of what was promised or agreed upon.

Commercial banks should present a list of services and associated fees to Parliament. The fees must be justified and approved via legislation. In the absence of this legislation, our people will remain in a vulnerable position.

It should be clear that this trend, if not stemmed by Parliament will damage our social fabric, as families and businesses are being victimized in the process.

Sincerely,

SINT MAARTEN INSURANCE BROKERS ASSOCIATION

January 19, 2020

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UPDATE

CBCS is addressing concerns – “marketing conduct” of Commercial Banks

The Sint Maarten Insurance Brokers Association welcomes the assurance of the CBCS that the expressed concerns about commercial banks are being addressed.

In its response to the press release of SIBA earlier this week the CBCS states; Please note that issues as mentioned in the press release are being addressed by the Bank during the process of further enhancing its conduct supervision, as far as these are in the interest of the general public and legally permissible.

We are appreciative of the CBCS affirmative response in addressing this matter as we identify this to have far reaching consequences for the social economic position of the citizens of both Curacao and Sint Maarten.

Sincerely,

SINT MAARTEN INSURANCE BROKERS ASSOCIATION

January 23, 2020