Central Bank to Monitor Bank Fees and Charges Under New Plan

Bank fees and charges across the Eastern Caribbean are set to come under closer scrutiny as part of a new push by the Eastern Caribbean Central Bank (ECCB) to strengthen consumer protection and accountability in the financial system.

Dr. Timothy N.J. Antoine, Governor of the ECCB, said the bank will expand its oversight of fees imposed by financial institutions, signaling a shift toward more active regulation of how customers are treated.

The move forms part of the ECCB’s 2026–2031 strategic plan and will be supported by the establishment of a new Office of Financial Conduct, aimed at ensuring fair practices across the banking sector.

“We will exercise oversight of bank fees and charges,” Dr. Antoine said during the launch of the plan, drawing attention to a longstanding concern among customers about the cost of banking services.

The initiative is tied to the bank’s broader goal of preserving financial stability while improving trust and transparency in the financial system.

Officials say the new Office of Financial Conduct will play a central role in monitoring how banks interact with customers, including how fees are structured and applied. The office is also expected to strengthen accountability and ensure that financial institutions operate in a manner that supports fairness and inclusion.

The announcement comes amid wider efforts by the ECCB to modernize the region’s financial sector, expand access to banking services, and encourage greater participation in the formal financial system.

Dr. Antoine noted that maintaining a strong and stable financial system remains the bank’s primary responsibility, but said consumer protection is a critical component of that mandate.

The focus on fees and charges is expected to resonate with customers across the region, where concerns about the cost of banking have persisted for years, particularly among low-income earners and small businesses.

The ECCB has already taken steps to improve access to banking, including measures to simplify account opening and reduce barriers to entry. Officials say closer oversight of fees will complement those efforts by ensuring that access is not undermined by high or unclear costs.

The bank said the reforms are part of a broader effort to build a more inclusive financial system that supports economic growth while safeguarding the interests of consumers.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]