The Reserve Bank of Fiji’s complaints unit received 35 complaints from consumers against financial institutions.
Governor Sada Reddy has stressed that there is no need to establish more Commissions to enquire complaints by consumers against financial institutions.
Reddy said they will not pursue this recommendation to have Financial Services Commission and appointment of Ombudsman as they feel costs will be high and consumers themselves will have to pay.
According to Reddy out of the 35 complaints received, 18 were against commercial banks and they have managed to solve 20 complaints.
Reddy said consumers should know fees and charges of commercial banks to make right choices.
Reddy said they will meet with Consumer Council and other NGOs over consumer complaints every 6 months whether the complaints have been properly dealt with.
He said the common goal is consumer satisfaction and consumer is heart of every institution and without them the institute wouldn’t exist.
Meanwhile, Consumer Council CEO, Pramila Kumar said reasoning given by the Governor of Reserve Bank is good and they should see how current system works and how it can work better.
She added they received 45 complaints against financial institutions last year compared to 38 in 2008.
No need for more commissions: RBF
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