Fiji Times Logo

Fiji Time: 6:20 AM on Sunday 20 April

/ Front page / News

RBF special unit to open

Saturday, April 25, 2009

Update: 12:09PM THE special unit to displace the proposed banking commission will be opened at the central bank on Monday.

A media statement from the Reserve Bank of Fiji said the Financial Systems and Compliance Office will be headed by Filimone Waqabaca, who is on secondment to the International Monetary Fund.

The office will monitor critical areas like microfinance, financial institution complaints, fees and charges, remittances, the demonopolisation of the Fiji National Provident Fund, local advisory boards to banks, small medium enterprises, rural banking and financial literacy.

Earlier this week, RBF Governor Sada Reddy announced that the initiative would be set up immediately following consultations with commercial banks.

"In turn, each bank, credit institution, FNPF, FDB and insurance companies will have dedicated staff at each branch to receive customer complaints," the statement said.

"The Reserve Bank will co-ordinate and monitor the Complaints Register of each financial institution to ensure that timely action is taken to resolve complaints. If complaints are of a legal nature the parties will be informed accordingly."