Bridgetown.
The Fair Trading Commission (FCC) has uncovered 56 unfair terms in loans and contracts that commerical banks have presenting to their customers.
According to the FCC, it analysed over 1000 contract terms used by the five commerical banks operating in Barbados and discovered 56 contracts terms that were in breach of the Consumer Protection Act.
The regulatory body says it is working with the banks to "ensure these unfair contracts terms are amended or deleted.
So far three banks had already made changes to comply with the the Comsumer Protection Act, and the Commission says it would continue to work with those banks which have not yet complied to ensure full compliance.
Recently members of the public have been complaining about new and increasing frees and contracts that very tipped heavily in favour of the banks.
