PHILIPSBURG (PARLIAMENT/Independent Faction) – Independent Member of Parliament (MP) Leona Marlin-Romeo will be requesting a meeting of Parliament to discuss and mandate the Minister of Finance to implore upon the Central Bank to take up their responsibility and assume the tasks of receiving and resolving complaints brought by consumers and, in some cases, small businesses against banks, insurers and/or other financial services providers.
“In our system the Central Bank is supposed to regulate and supervise institutions that offer financial services. This responsibility is not being executed.
“Several months have passed and the Minister of Finance have not reacted to the much discussed subject matter. The Central Bank have responded but passively, acknowledging their role and responsibility but not actively pursuing the necessary changes that is needed to execute this task.
“What country in this age will have an established Central Bank that do not see consumer protection as a priority? There is no excuse for the passive behaviour of the Central Bank and the minister,” Independent MP Leona Marlin-Romeo said on Tuesday.
This aspect of consumer protection is related but separate from what the Member of Parliament is advocating for the Small Claims Court of Sint Maarten and for the establishment of a Consumer Protection entity, which are both necessary for Sint Maarten.