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Banking Your Future
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All rights reserved Reproduction for educational and non commercial. purposes is permitted provided that the source is acknowledged The Bank of. Mauritius would appreciate receiving a copy of any publication that uses this Public. Consultation Document as a source No use may be made of this Public. Consultation Document for resale or for any other commercial purpose whatsoever. without prior permission in writing from the Bank of Mauritius. This Public Consultation Document is not intended to serve as financial or other. advice Whilst we take reasonable precautions to ensure the information in this. Document is accurate the Bank of Mauritius shall not be liable to any person where. the information in this Document is not correct or complete nor for any assessment. or opinion contained in it,Your Future,SECTION 1 SECTION 5. Letter of Transmittal 4 Pillar 4 Fairness in the way Terms and. Composition of the Task Force 5 Conditions are set out 69. Acknowledgements 6,Acronyms 7 Pillar 5 Treating Customers Fairly 75. SECTION 2 Pillar 6 Protecting Customers 79,Preamble 11. Executive Summary 13 Pillar 7 Treating Bankers Fairly 83. SECTION 3 Pillar 8 Empowering Customers 87,The Customer Speaks 18. SECTION 4 Towards a Fair Inclusive Banking Sector 91. Defining Fairness 21, SECTION 5 The 100 Recommendations of the Task Force 95.
The Eight Pillars of Fairness 24, Pillar 1 Banking is Accessible to All 26 SECTION 8. Selected References 106,Pillar 2 Fair Fees and Charges 31 Legends 107. Building Block 1,Reviewing the Pricing Strategy of Banks 32. Building Block 2,Promoting Competition 45,Building Block 3. Enhancing Transparency 51, Pillar 3 Fair Terms and Conditions of Contracts 59.
Your Future,Letter of Transmittal,Composition of the Task Force. Acknowledgements,Your Future,Letter of Transmittal. 6 June 2014,Mr Rundheersing Bheenick,Bank of Mauritius. Sir William Newton Street,Port Louis,Dear Governor. Banking Your Future Towards a Fair Inclusive Banking Sector. I am pleased to submit the Report of the Task Force on Unfair Terms and. Conditions in banking contracts entitled Banking Your Future Towards a. Fair Inclusive Banking Sector, The Report proposes measures that provide the basis for a meaningful.
reform of the banking sector If successfully implemented these measures. will bring about a change in culture and pave the way for a fairer banking. I propose that this Report be released for Public Consultation. Yours respectfully,Sonali Sewraj Reetoo,Chairperson. Composition of the Task Force,Bank of Mauritius Members. Sonali Sewraj Reetoo Chairperson Chief Legal Services Governor s Office. Lily Claude Bastien Sylva Analyst Governor s Office. Dhirajsingh Rughoobur Analyst Governor s Office,External Members. Harish Bundhoo Chairperson Price Observatory, Guy Fletcher Former Commercial and Invesment Banker. Mario Hennequin,Banking and Finance Consultant,former Director of Retail Banking.
Harry Sutherland Investment Banker,Your Future,Acknowledgements. On behalf of all the members of the Task Force I would like to thank. Mr Rundheersing Bheenick Governor Bank of Mauritius for his unflinching. support throughout this exercise Without Governor Bheenick s vision and. determination to achieve a fairer banking sector this report would not have. My deep gratitude goes to Ms Lakshmi Appadoo Head Governor s Office She. has been instrumental in bringing this report to life. My profound appreciation extends to Ms Vijaylaxmi Ramdonee Bank Officer. Supervision Department who has provided us with invaluable assistance in. Special recognition goes to all those who have shared with us their experiences. and perspectives Their insight is at the heart of this report. No project of this importance can be accomplished without the committed. effort of a strong and dedicated team My special thanks go to all the. members of the Task Force, Finally I am grateful to all those who have contributed in one way or another. to this report,Sonali Sewraj Reetoo,Chairperson,AER Annual Effective Rate. AML CFT Anti Money Laundering and,Combating the Financing of Terrorism. APR Annual Percentage Rate,ATM Automated Teller Machine.
BPA Borrower Protection Act,FATF Financial Action Task Force. FSA Financial Services Authority,KFiC Key Facts in Contracts. KYC Know Your Customer,MBA Mauritius Bankers Association. MCIB Mauritius Credit Information Bureau,MDR Merchant Discount Rate. NGO Non Governmental Organisation,NPS National Payment Switch.
PLR Prime Lending Rate,TBF Treating Bankers Fairly. TCF Treating Customers Fairly,VAT Value Added Tax,Your Future. Your Future,Executive Summary, 1 Banking services are not meeting our 7 It is the first time in its 47 years of existence that the. requirements This is what comes out of the Bank of Mauritius has set up a Task Force of this kind. complaints that the Bank of Mauritius has been It is also the first time that the Bank of Mauritius is. receiving from bank customers engaging in an exercise of public consultation. 2 Customers feel that banking services are too, expensive They feel that they are being unfairly Public Consultation. treated They feel that their hard earned money is,being used to generate substantial profits for.
shareholders while they are being made to pay high 8 The Task Force has been set up to give customers. interest rates and onerous fees and charges Their an opportunity to voice out their concerns and share. grievances indicate that there is a loss of trust in the their grievances Their voices have not gone unheard. sacrosanct relationship between the bank and its At the information gathering stage we listened In this. customers Public Consultation Document we are responding to. their pleas grievances and proposals, 3 The frequency of the complaints and their varied. nature became a source of concern to the Bank of 9 We thank all those who have taken the time. Mauritius to bring their contribution to the banking reform. initiative that we are proposing in this Public, 4 Mr Rundheersing Bheenick Governor Bank of Consultation Document. Mauritius urged banks on a number of occasions to, be more attentive to the needs of customers Despite 10. We welcome and encourage the public at, his repeated calls the complaints continued large consumer associations non governmental. organisations welfare associations and banking and. 5 Governor Bheenick decided that it was time real sector operators to contribute further by. to act He set up a Task Force to investigate the commenting on the recommendations set out in this. terms and conditions of banking contracts Public Consultation Document. Members of the public were invited to take up the, debate and to put forward their submissions so that 11 The Bank of Mauritius will receive comments and.
collectively a more balanced and effective solution proposals on the recommendations made until. could be achieved The objective of this exercise was 6 October 2014. to help banks and customers strike a fairer deal,6 Governor Bheenick s decision was a timely and. undoubtedly bold one His foresight and,determination of moving towards a vision where. the interests of banks are more aligned with those of. the wider population 2 play a decisive role in giving a. new direction to the banking sector,Your Future,12 Comments and proposals may be made to the. Bank of Mauritius,by email on sdg bom mu,in person at the dedicated desk Tel 202 3802 that. the Bank of Mauritius has set up to help members of. the public who wish to make comments or,in writing to.
The Second Deputy Governor,Bank of Mauritius,Sir William Newton Street. Port Louis Mauritius,13 The voice of each stakeholder matters. Executive Summary,Introduction Structure, 14 The submissions received from members of 19 This Public Consultation Document is made up of. the public provide an insight into the profound five main sections. resentment of customers They use strong words such. as exorbitant and extortionate to qualify banks fees Section 3 The Customer Speaks a snapshot of. and charges One customer describes the banking some of the submissions received. relationship as an asphyxia of customers by banks,Section 4 Defining Fairness the minimum criteria. 15 Customers are angry about the excessive level of that constitute fairness. profits registered by some banks They also complain. amongst other things about the lack of transparency Section 5 The Eight Pillars of Fairness on which the. of fees and charges the absence of information the recommendations of the Public Consultation. inability to compare products the difficulty to switch Document rest. banks the complexity of language and style used in. bank documentation as well as the unsatisfactory Section 6 Towards a Fair Inclusive Banking Sector. services being offered by banks a banking sector where Fairness First and. Foremost is the motto, 16 We are recommending in this Public Consultation.
Document a package of reforms which includes the Section 7 The 100 Recommendations of the Task. abolition of certain fees and charges to address Force. mounting concerns which clamour for intervention, 17 Customers are also concerned about interest rates. They feel that interest rates are too high on loans and. too low on savings Although interest rate complaints. rank high on the list of submissions we have not made 20 The recommendations contained in this Public. any recommendation in this respect since the Bank of Consultation Document relate to products and. Mauritius is not empowered to regulate interest services offered by banks to individual customers in the. rates It is worth noting that proposals have already Mauritian domestic market This does not preclude. been made to the Ministry of Finance and Economic banks providing services to corporate clients or to. Development to empower the Bank of Mauritius to customers in the global market from taking on board. regulate interest rate spreads any applicable measure Non bank deposit taking. institutions may also take on board any measure, 18 We feel that the power of the Bank of Mauritius to. applicable to them, regulate fees and charges will not effectively address. the issue of high priced banking services unless and. 21 The present exercise is not meant to be an,until it is complemented by the power to regulate. exhaustive review of all aspects of personal banking. interest rate spreads There is cause for concern that. services It is one of the several initiatives that form. income foregone through regulated fees and charges. part of the ongoing banking review and reform, gets translated into higher borrowing costs and lower.
agenda of the Bank of Mauritius,deposit remuneration. any recommendation in this respect since the Bank of Mauritius is not empowered to regulate interest rates It is worth noting that proposals have already been made to the Ministry of Finance and Economic Development to empower the Bank of Mauritius to regulate interest rate spreads 18 We feel that the power of the Bank of Mauritius to

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