Bank Of Mauritius Investigates Lenders

By Editorial 31 July, 2012

The Mauritius central bank has launched a public consultation on unfair Terms and Conditions (T&Cs) in banking and related financial contracts in order to protect consumers.

The central bank has set up a task force to investigate lenders' T&Cs, and especially fees, commissions and charges. This task force welcomes all comments and proposals from the public until August 31st, 2012.

This public consultation has been decided on by Bank of Mauritius following a growing number of complaints from consumers to the institution that they find it harder and harder to understand the “full implications” of the contracts they sign, and that either they are not given the full correct information before initially signing or the contract is not fair.

In a statement, Bank of Mauritius explained the objective of this public consultation, which is to foster even greater competition amongst banking and financial institutions in Mauritius, with a view to ultimately offering customers a wider choice of financial products at a low cost and with enhanced efficiency.

Mauritius has 20 licensed lending banks.

Tags: Expatriates | Investment | Mauritius | Law | Banking | Fees | Offshore | Offshore Banking |


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