THE Consumer Affairs Commission (CAC) has been identified as the body which will be responsible for dealing with complaints against microcredit institutions, under a new Microcredit Bill, tabled in the House of Representatives on Tuesday.

According to the Bill, the CAC will become the body responsible for not only accepting complaints against the institutions, but will also investigate complaints against them and formulate a code of conduct for the institutions on consumer-related matters.

 

However, there have been complaints by the microcredit institutions over the years, that while the CAC can accept complaints and investigate them, they are concerned about the commission formulating a code of conduct for them on consumer-related matters. The CAC falls under the Ministry of Industry, Commerce, Agriculture and Fisheries, under which the microcredit institutions also operate. However, it is the duty of the Ministry of Finance to regulate such institutions.

http://www.jamaicaobserver.com/news/new-bill-tabled-to-regulate-microcredit-companies_212141