MP Rolando Brison
PHILIPSBURG–Member of Parliament (MP) Rolando Brison says he will submit a Consumer Banking Protection Law to the secretariat of Parliament and the Social Economic Council SER St. Maarten this week. The legislation will then go to the Council of Advice before being handled in a meeting of Parliament.
This is “to eventually establish legislation to prevent the banking sector from infringing on the rights of every citizen and businessperson in St. Maarten,” according to a press release.
According to Brison, banks are acting against the Constitution of St. Maarten and depriving its citizens of their rights with ever-changing regulations or application procedures. “The citizen needs safeguards against the banks,” he said.
Brison said the Consumer Banking Protection Law will be anchored in four main components.
The first is that everyone has the right to a bank account. “It is crucial that every citizen and legal person has a bank account to manage his financial responsibilities to his community, business and government,” Brison said.
The second component is that banks will be obligated to inform customers adequately about changes and fee increases.
The third component will be the establishment of a Consumer Finance and Banking Bureau. This, which Brison described as an “Ombudsman for banks”, will be a place where people can go free of charge if they have any issue with a bank and the bureau will have the power to intercede on persons’ behalf.
The last component of the would-be law is that a bank will not be able to terminate its relationship with a client without going through certain procedures. “The point is to make banks more responsible in the way they try to end banking relationships,” said Brison.
“The banks are effectively acting like the Minister of TEATT [Tourism, Economic Affairs, Transport and Telecommunication – Ed.], as it is ultimately their decisions that affect whether businesses in St. Maarten can do business or not.
“Do we once again have to wait for a European court, as was in the case of human rights violations at the detention centre [in Philipsburg], to tell us we are in violation?” asked Brison. He said EU regulations stipulate the right of a legal EU resident to open a bank account.
“Also, do we want to create the very unsafe and ill-advised practice of residents maintaining so-called ‘home banks’ because of the unclear actions of the banks in disallowing them to open an account, something they have a right to?” asked Brison.
Source: The Daily Herald https://www.thedailyherald.sx/islands/92762-mp-brison-to-submit-consumer-banking-protection-law-this-week
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