Bank of Montserrat Attends ECCB Stakeholder Engagement Session in Antigua

The Bank of Montserrat Limited was represented at an Eastern Caribbean Central Bank (ECCB) Stakeholder Engagement Session in Antigua and Barbuda this week, as regional financial institutions prepare for a major shift in consumer protection oversight across the Eastern Caribbean Currency Union.

Manager Josephine George and Internal Auditor Karl Lee attended the May 12 forum alongside licensed financial institutions operating in Antigua and Barbuda. The session brought together banking professionals from across the region to discuss preparations for the upcoming launch of the Office of Financial Conduct, a new regulatory body that will fundamentally change how financial consumer protection is managed in the Eastern Caribbean.

The Office of Financial Conduct will serve as the primary oversight body for matters related to financial consumer protection and business conduct for financial institutions licensed under the Banking Act. This new office represents a significant step forward in strengthening consumer rights and ensuring that banks and other financial institutions maintain high standards of conduct in their dealings with customers.

The regulatory body is scheduled to commence operations in September of this year, giving financial institutions across the currency union just a few months to ensure their systems, processes, and staff are ready for the new oversight regime. The ECCB has been conducting these stakeholder engagement sessions across member territories to ensure a smooth transition and to address any concerns or questions from the banking sector.

For the Bank of Montserrat, participation in these preparatory sessions demonstrates the institution's commitment to meeting regional standards and ensuring that Montserrat residents receive the same level of consumer protection as customers in other ECCB member states.

Source: Montserrat Radio Echo / ZJB News