Fiji banks criticized in report
Monday, March 14, 2011
Banks in Fiji are making excessive profit and charge unreasonably high prices for their services a report on the banking services in Fiji has found.
The report by the Consumer Council of Fiji titled ‘Banking Services in Fiji: From a Consumers’ Perspective’ - accuses the country’s four banks of being uncompetitive and charging significantly higher prices for their services and products than the same banks in Australia and New Zealand.
According to the report – what the two main banks ANZ and Westpac earn from interest, fees, charges and Commissions – calculated as a percentage of their assets – is much higher than what these banks earn in Australia.
Consumer Council of Fiji CEO Premila Kumar has called for immediate action to rectify the quality of bank services in the country.
“What needs to be put in place is a legislation that will curb this excessive profiting. While the RBF is undertaking prudent management but that is only to protect the banks so they continue making profit and do not become bankrupt. But what about the individual consumers? They are not protected at all.”
Association of Banks in Fiji Executive Secretary Rasiklal Jogia says he will make a comment after scrutinising the report.
The bank report will be launched today as the country marks World Consumer Rights day.
You can also join Kurt Petersen at 1 pm today for a talk-back show with Premila Kumar on Gold FM.
Report by: Stanley Simpson
March 15, 2011
Banks in Fiji under consumer watch-dog scrutiny
Once again. Lest there are any further fanciful notions that commercial bank ANZ's role in the second bond floating was out of the goodness of it's heart, think again.
It's ALL ABOUT the bottom-line folks. Their's.
And the Consumer Council's findings could not have made this point at a better time.
What IS missing in the debate is a way out of the con. So consumers let your money do the talking and take your money and your business to institutions that protect your interests and that actively displays credible ethics and corporate social responsibility.
(Note: can you believe that ANZ actually had a 2010 target of implementing a "human rights" statement across the business? Big FAIL on that front guys).