As part of its mandate to ensure financial stability within the region, the Eastern Caribbean Central Bank (ECCB) is working to empower consumers and protect businesses through the introduction of an office for financial market conduct also known an Office of Financial Ombudsman.
Speaking on ECCB Connects, Chief Director (Policy), Tracy Polius, says that financial market conduct refers to the regulations of the business engagement of financial firms with their customers to achieve particular objectives. This includes the establishment of clear frameworks to ensure the market does not engage in unethical business practices and that the market is furnished with adequate information for participants to make sound financial decisions.
Polius points out that the regular man on the street stands to benefit from the introduction of this office in several ways including, having access to a basic suite of financial services including financial literacy and financial inclusion. This she says will enhance knowledge and provide empowerment to citizens to improve the way business is done in a complex financial environment.
Polius adds that the importance of regulatory framework allows for transparency and predictability where people are aware of the rules that govern the market. The next steps in developing this framework will involve further research to determine the structure of the model, followed by the governing policy guidelines.
To view the full discussion, watch below.