Marie-Lou Guerrero, chairperson of the Gibraltar Federation of Small Businesses has called for the creation of a local Office of Fair Trading (OFT) to regulate the business practices of the jurisdiction’s retail banks, which she claims treat small businesses like “second class citizens”, the Gibraltar Chronicle reports.
“An OFT would provide and insure that trading standards are maintained, it can and should investigate issues of unfair competition, monopolistic practices and monitor the Unfair Trading Terms Directive,” Ms Guerrero stated in a report submitted to the GFSB’s annual general meeting. Moreover, the body must also be given powers of enforcement, she noted.
She observed in her report that the “OFT in the UK conducted an inquiry on the way small businesses were treated by banks and reported overwhelmingly in favour of the former. Considering the problems the business sector is having with our banks, our own OFT could follow this example.”
“The loss of more commercial banks and the resultant lack of choice for the businessman simply allows for monopolistic measures where charges can be raised without any form of complaint or alternative being available”, the GFSB head argued, before calling on the Gibraltar government to address the problem.
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