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Banking Code of Practice: Customer Rights and Liabilities

A new banking code of practice has been introduced in Trinidad and Tobago, aimed at protecting customers’ rights and ensuring transparency in financial transactions. The code outlines the principles of conduct for banks operating in the country.

Disclosure Requirements

Under the code, banks are required to disclose certain information to their customers, including:

  • Loan Agreements: Terms and conditions of loan agreements
  • Fees and Charges: Bank fees and charges
  • Minimum Repayment Terms: Minimum repayment terms
  • Early Repayment Conditions: Conditions for early repayment
  • Required Security: Required security
  • Consequences of Default: Consequences of default

Customer Rights

The code also outlines various rights accorded to customers, including:

  • Access to Information: The right to request information about their accounts
  • Correction of Personal Information: The right to request correction of personal information
  • Reporting Loss or Theft: The right to report loss or theft of payment instruments

Privacy and Confidentiality

Banks are required to maintain confidentiality of customer information, except in specific circumstances such as law enforcement investigations or public disclosure.

Advertising and Promotional Literature

The code requires banks to ensure that their advertising and promotional literature is not deceptive or misleading. Banks must also indicate any standard fees and charges applicable to banking services.

Account Combination and Closure

Banks are required to inform customers promptly of account combinations, set-offs, or closures, and to provide a reasonable estimate of the costs involved in such actions.

Resolution of Disputes

The code outlines an internal process for handling disputes between banks and customers. If a dispute cannot be resolved internally, customers may take their complaint to the Office of the Financial Services Ombudsman, which has been established by the Central Bank to handle complaints from customers.

Contact Information

For further information on the Code of Banking Practice, please contact:

  • Bankers Association of Trinidad and Tobago:

  • Office of the Financial Services Ombudsman:

    • 1st Floor, Central Bank of Trinidad and Tobago, Eric Williams Plaza, Independence Square, Port of Spain
    • www.ofso.org.tt