sex hikayeleri interior desing escort fethiye escort denizli porno hikaye kredi kartı borç sorgulama sitesi yayında ziraatbank borç sorgulama
FIJI NEWS
October 04, 2012 12:00:00 AM
  Follow @ Twitter

The Reserve Bank has issued its revised policy guideline on fees and charges of licensed credit institutions in Fiji titled 'Banking Supervision Policy Statement No. 8B (Revised 2012): Accountability and Disclosure Guidelines on Interest Rates, Fees and Charges for Licensed Credit Institutions in Fiji.'

The policy guideline imposes several new disclosure requirements on the credit institutions, however the key initiatives are in the standardisation and details on fees, charges and interest rates required to be disclosed, the RBF said in a statement.

Standardisation is aimed at ensuring greater transparency and comparability of fees, charges and interest rates across the different institutions and also help customers make good and informed decisions on what they were buying and how much they would be paying for a product or a service from credit institutions.

The Policy, the RBF says is applicable to Home Finance Co Ltd, Merchant Finance Co Ltd and Credit Corporation (Fiji) Ltd, the three licensed credit institutions in Fiji.

The revised Policy requirements came into effect from1 October 2012, while provisions requiring non system changes, such as updating and printing of revised fees and charges brochures and updating letters of offer, will become effective from 1 January 2013.

Credit institutions have also been given time to implement other long-term changes.

Governor of the Reserve Bank of Fiji, Barry Whiteside said the policy statement was the culmination of three years of work towards ensuring that customers got sufficient information before deciding to take a loan or invest in a time deposit, during the term of the loan or deposit and when it is paid off.

He acknowledged the contributions from various stakeholders including the Finance Companies Association and the Consumer Council of Fiji.

Governor Whiteside urges all customers to make good use of the information provided by banks and credit institutions.

The implementation of the Policy ompletes the first phase of the bank’s work on reforming fees and charges charged by licensed credit institutions in the country.

The second phase, which is in progress, is the review of all current fees and charges of the credit institutions.

FijiLive
 


PREVIOUS STORY
Welfare recipient probed as 3000 barred
NEXT STORY
ANZ includes audio support in upgraded ATM network

Post a Comment
Bookmark and Share

 


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





Should nightclub opening hours in main centres be reviewed?
 Yes
 No


Poll Results: Current | Previous

Should nightclub opening hours in main centres be reviewed?
Yes
 83%
No
 17%



More Polls
Press Esc to close this window
BUSINESS
Fiji Airways further repays $20m to FNPFFiji's national carrier- Fiji Airways today made a further lump sum repayment of FJD $20m on its loan facility to the Fiji National Provident Fund.
SPORTS
Seasoned defender returns for BluesLautoka’s Battle Of Giants campaign has been boosted with the return of seasoned central defender Madre Varan.
WORLD
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.
TECHNOLOGY
Online registration for foreign investorsFiji will soon launch online registration and approvals system for foreign investors.
ENTERTAINMENT
Keith Richards Crosseyed Heart out Sept 18Keith Richards will release his eagerly anticipated Crosseyed Heart, his third solo album and his first in over 20 years, September 18.
FIJI NEWS
Fiji Airways further repays $20m to FNPFFiji's national carrier- Fiji Airways today made a further lump sum repayment of FJD $20m on its loan facility to the Fiji National Provident Fund.
NEWS SPORTS INFOTAINMENT MOBILE HOT TOPICS FOLLOW US ON