Finance Minister, Audley Shaw says the Government is fast-tracking the creation of a new consumer protection agency.
The agency intends to – among other things – provide supervision of bank fees.
Minister Shaw says recently implemented code of conduct is also giving superintendence to the issue.
On Tuesday, the Government outvoted the Opposition in the House of Representatives and rejected a banking services bill which was piloted by Opposition MP, Fitz Jackson.
Minister Shaw is rejecting suggestions by the Opposition that the Government has taken the side of the banks at the expense of consumers.
Minister Shaw says the Government would have been irresponsible had it voted in favour of Mr. Jackson’s bill.
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