A former bank officer has called for stronger legal protections for banking customers by recommending that the Fiji Competition and Consumer Commission (FCCC) be given authority to investigate and determine consumer complaints against licensed banks.
In a submission to the parliamentary committee reviewing the proposed Competition and Consumer Commission Bill 2026, Lautoka-based former bank officer and trade unionist Sailesh Naidu said the legislation presented an opportunity to strengthen consumer protection by extending the FCCC’s jurisdiction to retail banking services.
Naidu argued that while the Reserve Bank of Fiji (RBF) should continue overseeing financial stability, licensing and prudential supervision of banks, complaints involving the treatment of individual banking customers should fall under the FCCC’s consumer protection mandate.
“Consumers require an independent body whose primary focus is protecting consumer rights,” Naidu said.
He said the FCCC was better placed to independently investigate complaints involving unfair treatment of consumers without creating any perception that the banking regulator’s primary concern was protecting the institutions it supervises.
“An independent complaint mechanism would strengthen public confidence in the financial system.”
Naidu said banking services were essential to almost every citizen and business in Fiji and customers should receive the same level of protection afforded to consumers in other industries.
“Banking customers should not have fewer consumer remedies simply because the service provider is a licensed financial institution,” he said.
He recommended that the Bill expressly recognise retail banking services as consumer services subject to FCCC oversight where consumer protection issues arise.
Under his proposal, the FCCC would have powers to investigate complaints relating to disputed fees and charges, require banks to provide relevant documents, make binding determinations where consumer protection laws have been breached, order refunds or compensation, and direct financial institutions to correct systemic practices that adversely affect consumers.
Naidu also said consumers needed a dispute resolution process that was affordable and accessible.
“Many banking disputes involve relatively small amounts of money. Consumers should not be forced to pursue lengthy or costly legal proceedings to recover fees or charges that have been incorrectly imposed.”
He proposed legislative amendments that would empower the FCCC to investigate complaints involving fees, misleading conduct, unfair practices and breaches of consumer protection laws, while requiring cooperation and information sharing between the FCCC and the Reserve Bank to avoid regulatory duplication.
Naidu said the proposed changes would strengthen confidence in Fiji’s banking system, improve accountability within financial institutions, provide consumers with an independent avenue for resolving disputes and reinforce the consumer protection objectives of the Competition and Consumer Commission Bill 2026.
He urged the parliamentary committee to consider amending the legislation accordingly, saying the changes would create “a stronger and more balanced consumer protection framework” while allowing the Reserve Bank to continue its core prudential and financial stability responsibilities.
