Bank reform: Finance Minister, Dr. Nigel Clarke, hints at new financial regulations.

Jamaica's Finance Minister, Dr. Nigel Clarke

Dr. Nigel Clarke, Minister of Finance, has hinted in an online forum hosted on Twitter, that there will be new regulations coming that should protect the Jamaican consumers in the financial space.

Dr. Clarke said:

"The government of Jamaica will be tabling very shortly sweeping regulatory that provides consumer protection, and I'll probably say more about that later. With respect to fees and banking fees, one of the things that is happening in our society today but we're not, uh... we don't, we're not conscious of it as a society is a shift away from brick and mortar into electronic and digital realm, and what has been happening is that the sector that is at the forefront of that transition is actually the banking sector."

Dr. Clarke recently received scathing criticism from PNP Members of Parliament Fitz Jackson

and Lisa Hanna for what they claim is the government's seeming defense of the banking sectors' exorbitant bank fees and charges. MP Jackson accused Dr. Clarke of being a spokesperson for the banks.

The Finance Minister however noted that regulation of bank fees could lead to a decline in the quality of service that would be provided to the consumer. Instead, the Minister indicated that what the government could do is ensure that there is greater transparency in the banking experience for consumers.

Dr. Clarke also hinted that with the new consumer protections to come, the customer will be better protected. He revealed that the new regulations will allow consumers to lodge complaints with a financial regulatory body, have those complaints addressed and the financial institution would face punitive action for any breach of service to the customer.

Dr. Clarke:

"So people will be able to lodge complaints at a central authority, have those complaints addressed and have punitive action against [a] financial institution if under investigation of those complaints that action is justified, today that's not possible, that avenue does not exist. So this consumer protection for financial services will be a game-changer in how... in the accountability of financial services. As I said in my tweet, what we're doing is swinging the pendulum in favor of the consumer."

News: Foreigners competing for Jamaican jobs? Government to give foreigners one year residency to live and work in island.

Speaking last year at the opening ceremony for a new Passport Immigration and Citizenship Agency (PICA) office at the Fairview Plaza in Montego Bay, Minister of National Security Dr. Horace Chang, revealed that a submission will soon be made to Cabinet for the agency to grant a one year temporary residency to eligible foreign nationals. Nearing the end of the COVID-19 pandemic, Dr Chang noted, an increase in travel to the island will be expected.

COVID-19 VACCINES: mRNA vaccines could cause face paralysis.

Back in December 2020, the U.S. Food and Drug Administration (USFDA) had issued a warning to health care workers, who administer the giving of both the Moderna and Pfizer vaccines to closely monitor the recipients for side effects such as Bell's Palsy. Among the 30,000 trial participants for Moderna, three of the persons who received the vaccine experienced Bell's Palsy. For the Pfizer vaccine, 43,000 persons were in their trial group, four of their participants who received the vaccine suffered from this side effect.

Job Market Trends: Some traditional careers no longer in high demand in the Jamaican job market.

In a shocking statement Dr. Merritt Henry, manager for student services and development, placement and career services at the University of the West Indies, Mona campus, declared that: “… We are preparing job seekers with skills and competencies that are demanded, but not enough…there is a disconnect between what the employers would want to have and what secondary and tertiary institutions are sending out…but it is not that we are not preparing these persons,” This statement was captured during the Jamaica Observer's Monday Exchange, which took place on February 20, 2017, held at the Observer's Kingston headquarters. She was among a team of representatives from the Youth Upliftment Through Employment (YUTE) Limited, who spoke on the issue of whether the education system is equipping youth job seekers with the skills demanded by employers.

The Writing Solution

Search This Blog