Govt MPs Shoot Down Jackson’s Banking Fees Bill

Member of Parliament for Southern St Catherine, Fitz Jackson’s bill to tackle predatory banking fees has been blocked in the House of Representatives.

A motion to have the bill read a second time–the penultimate step before it can be passed was defeated 30 votes to 29.

Prior to the vote, in response to Minister Shaw, MP Jackson is lamenting the change of tone being taken.

He quoted statements made by Minister Shaw in 2015 when he was Opposition Spokesman on Finance.

He accuses the government members of inconsistency, making a differentiation between regulation and legislation.

Mr. Jackson also says no contradiction would take place if the Bill was passed.

Mr. Jackson has vowed to repeatedly retable the legislation until it is passed.

Finance Minister, Audley Shaw, says the majority of what’s proposed in MP Fitz Jackson’s Bill to amend the Banking Services Act is already present in current legislation.

He was making his contribution to the debate on the bill during today’s sitting of the House of Representatives. He says maybe MP Jackson is suffering from memory loss and it would be irresponsible to pass legislation with so many unnecessary elements.

However, Minister Shaw admits that some aspects of the bill have not been implemented.

He says these proposals will be placed in a customer protection framework for financial institutions which he assures Jamaicans will be implemented this year.

Minister Shaw urged Mr. Jackson to withdraw his bill and work with the government to implement the new framework.

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