15 March 2011
BEIRUT: Consumers Lebanon called on the Central Bank Monday to institute reforms that would eradicate “gaps in the banking sector that strain consumers.” The consumers watchdog group released a statement to mark World Consumer Rights Day which falls on March 15, urging banks and other financial institutions to bolster transparency. “Conditions of banking contracts are arbitrary, advertised interest rates are often misleading and vague, and prices of banking services are on the upturn and they are often hidden costs,” the statement said. The group also said that insurance policies and mechanisms for complaints should be improved. The group recommended that the Central Bank, as well as the Economy Ministry, establish committees and complaint centers to tackle banking deficiencies. – The Daily Star
Copyright The Daily Star 2011.
