sex hikayeleri interior desing escort fethiye escort denizli porno hikaye kredi kartı borç sorgulama sitesi yayında ziraatbank borç sorgulama
August 02, 2012 12:00:00 AM
  Follow @ Twitter

The Reserve Bank of Fiji (RBF) has confirmed that a decision on its regulatory stance on credit card surcharges is expected to be made later this month at its August 2012 Board of Directors Meeting.

RBF released a Consultation Document on Credit Card Surcharges on 30 April 2012 and invited both written and oral responses which closed later in June 2012.

Since then RBF has been evaluating the many responses received and considered providing an update on the progress and in particular address some of the key issues arising from the review.

On the motivation and the authority to consider a regulatory stance, the Reserve Bank in a statement clarified that following a spate of complaints which led to a preliminary investigation it was confirmed that there was uncertainty and inconsistency in the application of surcharging.

 This was driven in a large part by experience in our neighboring countries particularly Australia where there are specific regulations issued by the Reserve Bank of Australia to allow surcharging and as such the practice entered the Fijian market.

At the time credit cards could only be applied through Fiji bank branches of ANZ and Westpac but were issued out of Australia.

Governor of the RBF, Barry Whiteside stressed that experience and regulatory stance varies from country to country due to their respective set of domestic circumstances, market and consumer developments and preferences.

He added that it is therefore important to consult widely as the Bank had done to ensure an appropriate response for the country is achieved.

On the issue of authority, this is derived from the Reserve Bank (Payments and Settlements System Oversight) Regulations 2004, a regulation underpinned by the Reserve Bank of Fiji Act and the statutory responsibilities therein.

Regulatory authorities with such powers would intervene in any payment system operating in a country to correct anomalies and the inconsistency and confusion in Fiji surrounding legitimacy of credit card surcharging justifies a regulatory response.
Meanwhile, RBF is considering the regulatory option of either allowing or disallowing surcharges.

The Reserve Bank acknowledges that this will be a difficult decision; Governor Whiteside alluded to the Australian experience recently of amending their regulations to address the problem of retailers overcharging or gouging credit card holders.

There is also a need to ensure that what the Credit Card providers or commercial banks charge the retailers for acquiring ability are reasonable as the recently publicised court decision in the United States illustrates.

It is clear that all players in the process benefit from credit card payments; the international card schemes, the credit card providing commercial banks, the retailers, and the credit card holder.

It is also evident that credit card holders already shoulder hefty costs associated with the product and applying a further surcharge could be considered overlapping.

On the other hand ‘under pay’ principles could be argued to apply. Weighing all these pros and cons and arriving at a final decision will somehow need to be made and fully explained to the public and stakeholders by the end of the month.

By Ropate Valemei

Football Live

Decisions will be made by consensus: Ghai
Padarath still remanded, misses case

Post a Comment
Bookmark and Share


Posted Comments
No comments, but you can post the first comment!

Are you happy with the 2016 Budget?

Poll Results: Current | Previous

Are you happy with the 2016 Budget?

More Polls
Press Esc to close this window
BURGER KING enters Fiji marketWorld’s fastest growing quick service restaurant chain, BURGER KING has opened its first Fiji branch at the Nadi International Airport serving its world famous burgers at the new-look Departure Lounge.
2 new caps in Fijiana squad to DubaiTwo new players have been named in the Telecom Fijiana squad to next week’s Dubai Sevens.
Pope prays for peace in Syria, KoreaPope Francis prayed for a "political solution" in Syria and for "reconciliation" on the Korean peninsula in his first Easter Sunday message in front of a crowd in St Peter's Square.
Fiji receives ICT awardFiji’s efforts in harnessing its ICT sector has been recognised by the International Telecommunications Union and Prime Minister Voreqe Bainimarama yesterday received the ICTs in Sustainable Development Award in New York.
Ellie Goulding releases 3rd album DeliriumEllie Goulding has released her third studio album Delirium, the follow-up to 2012's Halcyon.
Be mindful of children’s whereabouts: AkbarMinister of Women, Children and Poverty Alleviation, Rosy Akbar is urging parents and guardians to be mindful of their children’s safety during the school holidays.