WILLEMSTAD - The Fair Trade Authority Curaçao (FTAC), in collaboration with Fundashon pa Konsumidó (FpK), the Consumers Union, has started market research into the rates and interest rates that local banks use for private banking products. The aim is to compare the rates and interest rates of banks with each other and to provide insight for the consumer. The results of this research will eventually be published in a public report.
Competition between banks is one of the FTAC priorities for this year. This market research fits within this priority because competition is stimulated when consumers simply compare the rates and interest rates of banks before making a choice. A prerequisite for this is that the rates and interest rates of banks are transparent and understandable for consumers.
The results of this market research will also be used by FTAC as input for its supervision of compliance with the National Ordinance on competition in the financial sector. FTAC chairman Alberto Romero:' consumers use bank products almost daily. It is therefore important that any competition problems that lead to higher costs for consumers are identified and addressed. This market research fits within this strategy."
The FpK will use the results of this study to inform consumers better about the level and differences in rates and interest rates between banks. Director of the FpK, Marc Marshall: "Fundashon pa Konsumidó strives for a transparent consumer market and this research will contribute to this goal. The aim of the Fundashon pa Konsumidó is to carry out more of this type of joint investigation with supervisory entities to promote an open economic market in Curaçao."
The following banking products are part of this study: payment accounts, savings accounts, credit cards, money cards, personal loans and car loans. Nine local banking institutions recently received a letter with an invitation to cooperate with this research.
This joint investigation stems from the cooperation protocol that the FTAC and the FpK concluded with each other at the end of last year. The research is carried out by RE-Quest Research & Consultancy.