The Barbados Bankers Association launches new Code of Banking Practice

Barbados, April 11th, 2019 – The Barbados Bankers Association (TBBA) is committed to ensuring the fair treatment of customers and promoting best practices within the banking industry.

Donna Wellington, President of The Barbados Bankers Association (TBBA) Inc. made this assertion today, as TBBA launched a new “Code of Banking Practice” at the FirstCaribbean International Bank (FCIB) Great House, Warrens, St. Michael.

Topics covered in the Code include the disclosure of information generally, and information related to fees and charges; bank accounts; foreign exchange; lending; and complaints handling.

Wellington said the 2019 Code was an up-to-date document representing the best interests of consumers, and setting the standards for good banking practice. She noted that adherence by TBBA members to the updated Code was voluntary, adding that the standards would be published to customers electronically, and via the Websites of individual Banks.

Quoting from the document, Wellington stated: “We, the members of the Barbados Bankers Association, stand committed to ensuring the fair treatment of our Customers and promoting best practices within the Banking Industry. We will continue to uphold values of privacy and confidentiality, security, transparency and service and, in support of our commitment, we have developed a Code of Banking Practice that captures key commitments and obligations that are associated with different services. The Code seeks to facilitate the maintenance of mutually beneficial relationships between banks and our customers.”

The TBBA President also called on the Banking sector to promote high standards of customer service, and challenged individual industry representatives to develop and exemplify good character in their customer interactions.

“While TBBA member institutions will provide their staff with training and guidance on the Code to ensure that we all adhere to its standards, whatever our daily challenges are as service providers, we must do our best to ensure that good character and values shine through and positively impact all of our customer interactions. As we often hear: “it’s not only what you do that matters, but how you do it”,” Wellington said.

The main objectives of the Code of Banking Practice include: fostering a fair and reliable approach in undertaking customer relationships; providing minimum standards for customer care; promoting appropriate disclosure of information; increasing awareness of customer rights and obligations; and inform customers of complaint resolution procedures. The Code also seeks to promote integrity and confidence in the financial system, and ensure that special needs customers have access to banking facilities, products and services.

You can read more about the code here: TBBA Code of Banking Practice.