BOJ received over 400 complaints from customers of deposit-taking institutions in 2023 says deputy governor
KINGSTON, Jamaica — The Bank of Jamaica (BOJ) received over 400 complaints from customers of deposit-taking institutions (DTIs) in 2023, a sharp increase on the nearly 300 complaints that it received in 2022.
This was disclosed by Deputy Governor of the BOJ, Dr Jide Lewis, during a meeting of the Parliament’s Economy and Production Committee last Thursday.
Lewis explained that the central bank normally details the complaints in its annual report which is being compiled presently.
“What I can say is that there was quite a significant increase in the number of complaints [in 2023],” Lewis said.
He added that “In the previous year, 2022, complaints would have been about 290-plus and last year it would have increased to in excess of 400. So, we’re seeing an increase in the number of complaints that are coming to us. Some of that is a result of greater sensitisation of members of the public to the fact that the code of conduct does allow them to reach out to the central bank in instances where they are not accessing or receiving the responses from the licensees so we will intervene in those instances.”
While he did not have the full breakdown of the complaints, Lewis said the BOJ had received complaints in relation to fraud.
“There were complaints in relation to ABMs (automated banking machines) and I think out of that we would have implemented the standard of sound practice in terms of the minimum service level standards for ABMs,” he noted.
The deputy governor said the other area that featured in relation to complaints had to do with transfers from one bank, to another bank. He explained that there are times when a transfer is made but the funds are credited to the wrong institution.
“Sometimes there are transfers that would go and it’s clearly credited to an account that’s not intended and then the remediation of that process [is not done to the satisfaction of the customer],” Lewis told the committee.
He said there are about seven categories of complaints and the bank monitors the trends overtime.
Said Lewis: “We look at those trends; particularly where we see increases, we then look to see whether or not we need to give better guidance to the licensees and certainly it becomes part of our onsite supervision.”
