Financial bodies urged to cut fees

THE Independent Consumer and Competition Commission (ICCC) has called on commercial banks and other financial institutions to follow Bank South Pacific (BSP) and reduce bank fees and servicecharges.
ICCC commissioner Paulus Ain said this was the next challenge for as fees and charges were burdensome for consumers.
“I think they are ripping off the consumers with high repayment interest rates,” he said.
“This is indeed commercial robbery or stealing.”
Ain commended BSP for reducing fees and charges last week.
There had been a number of discussions held between ICCC and BSP after the ICCC raised some concerns relating to the fees and charges applied by the bank.
Ain extended his appreciation to the board and management of BSP, especially to BSP chief executive officer Robin Fleming, for responding positively to the call of the
people of PNG through the ICCC during this difficult economic times.
“This is indeed relieving news to consumers, especially BSP customers,” he said.
“The fee schedule provided to the ICCC by BSP shows considerable reductions, including the removal of some of the fees and charges applied by BSP.
“Other notable reductions and removals include the elimination of the dormant account fee, bank statement fee, housing loan service fee and many more. Over the years, consumers have been complaining about increased bank fees and charges applied.
“I was pleased that BSP met with the ICCC and has addressed these concerns.
“Consumers should now be relieved and you are now given the opportunity to save some of the fees and charges as your savings.”