Dear Editor,

There is a biblical line that says: “A man who has friends, must show himself friendly.” (Proverbs 18:24).

A similar thought comes to mind in response to the Private Sector Organisation’s (PSOJ) forceful response to proposals from some Jamaican parliamentarians to implement government regulation/review of minimum standards regarding bank charges relative, to customer deposits, in particular.

But those who are uncomfortable with biblical references might wish to credit this next line to the legendary Chinese philosopher Confucius: “Wise man who not like to be regulated, will regulate self.” The same applies, in my estimation, to corporate groups and trade and professional associations — Professionals who do not exercise self-discipline will be regulated by official regulators.

It has come down to this for the banks after many years of what has come across as a kind of arrogance and heartlessness in relation to ever-increasing bank charges and special fees, even for putting customers’ own money in the banks. They have ignored multiple appeals even from parliamentarians, including the People’s National Party’s Fitz Jackson and the Jamaica Labour Party’s Audley Shaw, among others.

The banks’ practice of making saving accounts of pensioners and others dormant and then applying monthly fees to make the monies “disappear” has been understandably and particularly upsetting to many, earning the banks labels such as “wicked” and “unconscionable”, especially as they have continued to report record profits from year to year.

Other commercial groups and professional member associations, including insurance and financial associations, among others, should take heed.

If the needs of members and customers are consistently ignored and/or abused, the people will flee and/or ultimately cry out. And their cries will ultimately come to the attention of a conscious and serious Parliament, who will then have no choice but to regulate the unregulated in the interest of disadvantaged and abused members/customers.

Self-regulatory freedom, like all freedoms, is desirable and preferred. But like all things, anything that is abused or misused are subject to the oft-repeated maxim: If you abuse it, you will lose it!

Carlton A Gordon

carltongor@gmail.com