Market Conduct and You: Financial Access for Vulnerable Groups

The Central Bank of Barbados recently issued its Market Conduct Guideline, a document that outlines behaviours and practices for its licensees, namely commercial banks and deposit-taking finance companies (hereafter referred to as finance companies), to adhere to when it comes to their interactions with their customers… you. 

In a previous article, we broke down what the guideline had to say about fees and charges. This time around, we’ll take a look at what it covers when it comes to accessibility.

The guideline makes clear that financial services are to be easily accessible to all Barbadians: “Licensees must ensure that all physical and digital banking facilities are accessible to everyone, regardless of age, disability, or economic status.”

Banks and finance companies must, therefore, ensure that their branches and other physical locations must be wheelchair accessible and easy to navigate for people who are visually impaired or fully blind. Their digital interfaces must also accommodate people with disabilities, and their staff must undergo periodic training to equip them to interact with and assist vulnerable customers.

It’s important to note that while the guideline went into effect on July 12, 2024, the Bank understands that some financial institutions will need time to retrofit their properties and make the necessary updates to their online systems. As such, it will allow financial institutions time to complete this process.

On the flipside, one aspect of the guideline that was in place even before it was published was the requirement that all commercial banks offer at least one no-fee account. The Central Bank first mandated this in July 2023. The guideline also notes that “specially tailored low-fee accounts should be available for vulnerable groups, including pensioners, minors, and students, ensuring these accounts are equipped with features that cater to their specific needs.”

Finally, the guideline encourages financial institutions to solicit feedback on their accessibility efforts to ensure they truly meet the needs of the groups they are intended to assist.

So, why did the Central Bank make a point to document its expectations in this area in its new Market Conduct Guideline? It goes back to the line we quoted at the start of this article: it believes that everyone in Barbados should have ready access to financial services, whether online or in person.

Download the full guideline to read everything it says about accessibility for vulnerable groups as well as other areas such as fees and charges, opening accounts, account closures and customer complaints.