KINGSTON, Jamaica — Newly appointed Opposition spokesman on Industry, Investment and Commerce, Karl Samuda, has accused the commercial banks of using a system of fees and charges to customers to make up for losses from the Jamaica Debt Exchange (JDX).

“I believe it is a deliberate strategy to make up their losses from the JDX,” Samuda told the House of Representatives, Tuesday, as he spoke in the debate on a motion from Government backbencher, Fitz Jackson, seeking to have Parliament’s Economy and Production Committee look at the issue of the fees.

Samuda said that the previous Jamaica Labour Party (JLP) administration, which had introduced consumer support programmes and monthly publications of the fees and charges to protect the public, was convinced that banks were increasing the fees, as an alternative source of revenue to make up their losses.

However, he said that to go forward, there was no need to wait on the Bank of Jamaica to find the information about the fees.

“What you need to do is for the Consumer Affairs Commission to go out into the field and obtain the information, because the banks are obliged to provide those fees to the CAC,” Samuda said.

He said that the threat of exposure of the fees to the public was the “most potent weapon against high (bank) charges”.

He called on the Ministry of Industry, Investment and Commerce to provide the CAC with enough funding, so that it can resume functions like providing the public with consumer information, including the bank fees, as was the case under the previous government.

Jackson’s motion has asked the House of Representatives to require the Bank of Jamaica to submit to Parliament’s Economy Production Committee, which is chaired by Samuda, a report on fees charged by financial institutions, including credit unions, as at October 31, 2013, within 60 days. It also asked that the committee meet within 45 days to commence an evaluation of that report and make recommendations to the House on steps to regulate the fees.