A joint study recently released by the IMF and the World Bank Financial Sector Assessment Programme (FSAP) has advised the Central Bank of Barbados to strengthen its supervisory role over the jurisdiction's banking sector in the areas of dispute resolution and consumer protection.
According to a Barbados Advocate report, the Central Bank's compliance with the IMF's Code of Good Practices on Transparency in Monetary and Financial Policies was generally judged by the IMF-World Bank team which visited the jurisdiction last year to be good. However, dispute resolution and consumer protection were raised as two areas of concern.
'It [the joint report] said the CBB should develop and promote its dispute handling role, and generally become more active in the consumer protection area, adding that commercial banks should be required to alert their customers to the CBB's role in this area,' the Barbados Advocate revealed.
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