The Eastern Caribbean Central Bank (ECCB) says its move to establish the new Office of Financial Conduct and Inclusion, along with the Eastern Caribbean Financial Standards Board, comes at a critical time for the region’s financial sector.
The initiative is being implemented in response to rising public complaints, technological changes, and the growing need to protect vulnerable consumers.
According to ECCB officials visiting Montserrat last week, the decision follows years of reports from customers expressing frustration over their banking experiences, including high fees, service challenges, and concerns about fair treatment.
Chief Director (Policy) at ECCB, Tracy Polius, noted that the financial landscape across the currency union has changed rapidly in the last decade- where Banks, credit unions, and insurance companies have increasingly turned to digital platforms to deliver services.
This allows customers to access accounts, make payments, and manage policies directly from their mobile phones.
Together, the ECCB believes these reforms will help restore confidence, improve consumer protection, and build a more resilient and inclusive financial sector for Montserrat and the wider Eastern Caribbean.