- Saint Vincent and the Grenadines Updates Banking Act
- SVG Makes Amendments to its Banking Act
Revisions were enacted to the Banking Act of Saint Vincent and the Grenadines during the most recent parliamentary session.
Minister of Finance Camilo Gonsalves articulated that the primary aims encompass the modernisation of banking services, the fortification of oversight capabilities of the Eastern Caribbean Central Bank, the enhancement of consumer protection measures, and the advancement of financial inclusion via the establishment of a basic bank account.
Essential considerations encompassed the necessity for financial institutions to provide innovative services such as investment management and insurance, the augmented powers of the central bank to oversee fees and charges, and the establishment of consumer protection measures tailored to the financial services sector.
“The main section of the amendment would be the improvement of data protection, consumer protection, and market conduct supervision. What this legislation does in the simplest possible way is insert into the Banking Act consumer protection provisions. Essentially, market conduct supervision is the regulatory process that would ensure financial consumers are protected from unfair business practices and helps to maintain the integrity of the financial system”.
The amendments further examined the obstacles encountered by marginalised groups in obtaining banking services and suggested remedies such as streamlined due diligence processes for establishing basic bank accounts.
The proposed amendments seek to harmonise with regional obligations while enhancing financial stability and safeguarding consumer rights.
The necessity of implementing these amendments prior to April 2025 was underscored.
The Banking Act of Saint Vincent and the Grenadines underwent a comprehensive revision in 2015, resulting in the enactment of a new banking act that superseded the previous iteration of the legislation. A modification was likewise enacted in 2021.
