8 Nov 2007

Fiji to set up new financial regulatory body

10:55 am on 8 November 2007

Fiji's interim cabinet has approved the setting up of a Financial Services Ombudsman and a Financial Services Commission.

The interim finance minister, Mahendra Chaudhry, says the decision follows years of complaints about exorbitant fees, charges and interest rates, high bank profits and poor service.

He says the Financial Services Ombudsman Scheme would cover the entire financial system in Fiji and would be charged with investigating and resolving complaints.

The Financial Services Commission would monitor the levels of fees, charges and interest rates and terms and conditions relating to financial products and services.

Fiji's two main commercial banks, ANZ and WESTPAC, say there is sufficient competition within the industry and there is no need for such bodies.