KINGSTON, Jamaica — The Bank of Jamaica (BOJ) reported receiving over 400 complaints from Deposit Taking Institution (DTI) customers in 2023, marking a substantial increase from the approximately 300 complaints received in 2022. This information was disclosed by BOJ Deputy Governor Dr. Jade Lewis during a meeting of Parliament’s Economic Production Committee last Thursday.
Dr. Lewis highlighted that central banks typically include details of such complaints in their annual reports, which are currently being compiled. “What I can say is that there has been a pretty significant increase in the number of complaints in 2023,” he noted.
The rise in complaints can be partly attributed to increased public awareness of the BOJ’s code of conduct, which allows customers to approach the Central Bank if they cannot get a satisfactory response from a licensed financial institution. Dr. Lewis explained, “The previous year, in 2022, there were around 290-plus complaints, which increased to over 400 last year. This means that the number of complaints coming to us is on the rise.”
Among the issues reported were instances of fraud, problems with automated banking machines (ABMs), and errors in fund transfers between banks. Dr. Lewis noted that there have been complaints regarding ABMs, leading the BOJ to implement a code of sound practice to establish minimum service level standards for these machines.
He also highlighted issues with fund transfers, where sometimes transfers were made to incorrect accounts and not promptly corrected to the customer’s satisfaction. “Sometimes there are transfers that are clearly made into accounts that are not intended and then the process is not corrected to the customer’s satisfaction,” he told the committee.
The BOJ categorizes complaints into about seven different categories and monitors trends over time. Dr. Lewis stated, “We’re looking at those trends and, particularly if we see an increase, we’ll look at whether we need to give better guidance to our licensees and that will definitely be part of our on-site oversight.”
The BOJ’s proactive approach aims to ensure that DTIs maintain high standards of customer service and address issues promptly, reflecting the bank’s commitment to safeguarding customer interests in Jamaica’s banking sector.
