In a significant regulatory development for the Eastern Caribbean region, the Eastern Caribbean Central Bank (ECCB) is moving to establish a dedicated Office of Financial Conduct following widespread concerns about customer treatment by financial institutions. The announcement comes as the bank acknowledges its current limitations in addressing persistent complaints regarding fees, charges, and market conduct practices across the Eastern Caribbean Currency Union (ECCU).
Governor Timothy Antoine confirmed the regulatory gap during a press briefing following the 112th Monetary Council Meeting at the bank’s headquarters in St. Kitts and Nevis. “The ECCB presently lacks legal authority to regulate fees, charges, or market conduct,” Antoine stated, highlighting the institution’s constrained mandate despite increasing customer grievances.
The regulatory transformation is underway through comprehensive amendments to the Banking Act across ECCU member territories. Three nations—St. Kitts and Nevis, Antigua and Barbuda, and St. Vincent and the Grenadines—have already enacted the necessary legislative changes, with Montserrat expected to complete the process imminently. Governor Antoine expressed confidence that all member territories would implement the amendments by mid-2026.
Upon full implementation, the newly established Office of Financial Conduct will assume responsibility for reviewing customer complaints, investigating financial institutions, and overseeing market conduct and financial inclusion initiatives. “This will empower the Central Bank to address market conduct and financial inclusion issues with proper legal authority,” Antoine emphasized.
Concurrently, the ECCB is advancing its First Step Savings Account initiative, designed to eliminate barriers to banking access. The program allows account opening with minimal identification, requires no minimum balance, provides interest earnings, and includes basic banking features. Transaction and balance limits apply, with provisions for upgrading to standard accounts once thresholds are exceeded.
Governor Antoine called upon media organizations to monitor financial institutions’ implementation of the First Step program, ensuring the initiative genuinely enhances financial accessibility for ECCU residents.